Masdar wins $1.5bn contract for Mohammed bin Rashid Al Maktoum Solar Park construction

RIYADH: Dubai Electricity and Water Authority has awarded a contract worth 5.5 billion dirhams ($1.5 billion) to Abu Dhabi-based Masdar to construct the sixth phase of the 1,800 megawatt Mohammed bin Rashid Al Maktoum Solar Park.  

At least 23 international companies participated in the bidding process, but Masdar was given the contract as it offered a levelized cost of energy of $1.621 cents per kilowatt hour, the lowest of any of DEWA’s solar independent power producer model projects to date, according to a press statement.