- Shuaa Energy 3 has achieved a Phase C commercial operation certificate marking a significant step toward completion.
- Dewa, Acwa Power, and Gulf Investment Corporation collaborate in the SPV, with Dewa holding the majority stake.
- Phase C adds 300 MW, reaching a total capacity milestone, backed by a 25-year power purchase agreement.
- Cutting-edge solar PV bifacial technology and single-axis tracking systems maximise energy efficiency.
- The project will power over 270,000 residences, reducing carbon emissions by 1.18 million tonnes annually and impacting Acwa Power’s finances from Q3 2024.
Acwa Power, a leading Saudi developer of power and desalination projects, has reached a major milestone with the Shuaa Energy 3 plant in Dubai.
The company recently received the commercial operation certificate for Phase C of this large-scale solar project. This achievement marks significant progress in the development of the facility.
The Shuaa Energy 3 plant is a key component of the Mohammed bin Rashid Al Maktoum Solar Park. This solar park is the largest single-site solar park globally.
By 2030, this ambitious project aims to achieve a capacity of 5,000 MW. The fifth phase of this project represents a substantial investment of AED 2.058 billion ($560 million). It is set to contribute significantly to this goal with a capacity of 900 MW of solar photovoltaic (PV) energy.
The Dubai Electricity and Water Authority (Dewa) established Shuaa Energy 3 as a special purpose vehicle (SPV) company to facilitate development. Acwa Power leads the consortium in collaboration with the Kuwait-based Gulf Investment Corporation.
Dewa holds a majority stake of 60% in the SPV, while Acwa Power owns 24%, and the remaining shares are held by the Gulf Investment Corporation.
Acwa Power has achieved a significant milestone with the granting of the commercial operation certificate for Phase C, which adds another 300 MW to the project’s total capacity. The recent filing with the Saudi bourse Tadawul by Acwa Power notes that this certification is a key achievement.
The project has already secured a 25-year power purchase agreement, which ensures a long-term commitment to generating clean energy.
This initiative is a critical component of the Dubai Clean Energy Strategy 2050, which aims to make substantial strides towards sustainable energy production.
Shuaa Energy 3 employs cutting-edge Solar PV bifacial technologies. These technologies capture solar radiation on both the front and back of the panels. 4
The innovative design, combined with single-axis tracking systems, enhances energy generation efficiency. Upon full completion, the fifth phase of the project will supply clean energy to over 270,000 residences in Dubai.
The first stage alone, which has already been commissioned, will power 90,000 residences. This initiative will also play a significant role in reducing carbon emissions, cutting 1.18 million tonnes of CO2 annually.
This project is expected to reflect its financial impact starting from the third quarter of 2024. This development underscores Acwa Power’s commitment to advancing sustainable energy solutions and highlights the strategic importance of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai’s broader energy strategy.
The project not only contributes to the region’s clean energy goals but also sets a benchmark for future large-scale solar projects worldwide.
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Last Updated on May 20, 2024 by Safiya K
