EDF Group acquires stake in Mohammed bin Rashid Al Maktoum Solar Park Phase III

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EDF Group acquires stake in Mohammed bin Rashid Al Maktoum Solar Park Phase III

EDF Group, via its subsidiary EDF Energies Nouvelles has joined the Masdar-led consortium developing the 800 MW third phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai.

Masdar, in consortium with Fotowatio Renewable Ventures (FRV) and Gransolar Group, in May 2016 won the right to build and operate the park under the independent power producer (IPP) model. EDF EN is taking over the FRV stake.

The agreement formalising the company’s entry into the consortium was signed by Jean-Bernard Levy, Chairman and CEO of EDF Group, and Mohamed Jameel Al Ramahi, CEO of Masdar, Abu Dhabi Future Energy Company.

The 16 square-kilometre 800 photovoltaic plant will be delivered in three stages. The 200 MW “Phase A” is currently under construction, and is due for completion by April next year. The 300 MW “Phase B” is expected to come on stream in April 2019, while the final 300 MW tranche, “Phase C”, is scheduled for April 2020.

The project was awarded last year at a price of US$29.9 per MWh, a then record-low tariff for solar power generation.

The Mohammed bin Rashid Al Maktoum solar park, the largest single-site solar park in the world, has a planned capacity of 5,000 MW by 2030, and a total investment of US$14 billion. It will displace as much as 6.5 million tonnes of carbon dioxide annually upon completion in 2030.

HE Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA), said:

"We are happy to see more international companies such as EDF joining the Masdar-led consortium for the 800 megawatt (MW) third phase of the Mohammed bin Rashid Al Maktoum solar park, which will be constructed based on the IPP model to achieve sustainable development .The Solar Park has attracted the interest of global business and energy companies, which reflects the trust and interest from international investors in large projects adopted by Dubai Government, encouraged by the favourable existing regulatory and legislative frameworks in Dubai that enable public-private partnerships.

HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, has inaugurated the 200 megawatt (MW) second phase of the Solar Park which is now operational. The project reflects a new era in the excellence and leadership of the UAE, as it increases the share of clean and renewable energy. We are working to achieve the Dubai Clean Energy Strategy 2050 to provide 7% of Dubai’s total power output from clean energy sources by 2020, 25% by 2030, and 75% by 2050."

Mohamed Jameel Al Ramahi, CEO of Masdar, Abu Dhabi Future Energy Company, said:

"With construction of phase three now well under way, we are proud to bring EDF Group into the consortium realising what will be the largest solar power plant in the world on completion, and to benefit from EDF Energies Nouvelles’ extensive international experience in renewable energy deployment, particularly in emerging markets.”

Jean-Bernard Lévy, the EDF Group’s CEO and Chairman, declared:

“We are very proud to be supporting the energy transition in the Middle East, thanks to ambitious projects involving renewable energy, like DEWA III. They demonstrate our know-how as market leader in low-carbon growth and reinforce the Group’s development in fast-growing countries, within the context of our Cap 2030 strategy.”

Antoine Cahuzac, EDF Group Executive Vice President in charge of Renewable Energies and CEO of EDF Energies Nouvelles, said:

"The Middle East is a strategic area for EDF Group which has strong ambitions for renewable energies. EDF Group, through EDF Energies Nouvelles’ teams, is pleased to participate in one of the world’s largest solar initiatives launched by DEWA. This 800 MW solar project realized alongside with Masdar, a key player in renewables, seals a major long-term partnership.”

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