In Abu Dhabi, Emirates Water and Electricity Company (EWEC) has advanced the Khazna Solar Photovoltaic (PV) initiative by issuing a Request for Proposals (RFP) to qualified developers and consortiums. With 19 out of 27 entities progressing to the RFP stage, the selection process enters a crucial phase. This 1,500-megawatt (MW) project, set to become part of Abu Dhabi’s renewable energy portfolio, underscores the emirate’s dedication to sustainable energy development.
Upon selection, the chosen developer or consortium will not only oversee the project’s construction but also secure ownership of up to 40% of the venture. This public-private partnership model aligns with Abu Dhabi’s strategy to foster collaboration between government entities and private stakeholders to achieve its renewable energy goals. Furthermore, a long-term power purchase agreement (PPA) between EWEC and the selected entity will ensure stable revenue streams, instilling confidence in the project’s financial sustainability.
With responses to the RFP expected by Q3 2024, momentum towards realizing the Khazna Solar PV plant intensifies. This initiative not only reinforces Abu Dhabi’s status as a regional renewable energy leader but also contributes to the broader objectives of the UAE’s Net Zero by 2050 Strategic Initiative. Through collaborative efforts and partnerships, projects like Khazna Solar PV lay the groundwork for a sustainable and greener future for generations to come.
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Source: BNC Project Intelligence
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