Shuaa Energy 1
The Shuaa Energy 1 200 MW (260 MWp) solar photovoltaic project is a greenfield Independent Power Project (IPP), developed as part of Phase II of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, United Arab Emirates. Led by ACWA Power in consortium with TSK Electronica y Electricidad, the plant was constructed using fixed-tilt thin-film solar technology. A 25-year PPA was signed with Dubai Electricity and Water Authority (DEWA) which also holds a 51% equity stake with ACWA Power owning approximately 25% and SILK Road Fund covering the remainder. With a total project cost of around USD 326 million, the plant achieved commercial operation in Q1 2017, directly supplying clean power to the grid. Shuaa Energy 1 set a new benchmark with a record low tariff of USD 5.6 Cents/kWh, marking it as the world’s most cost-competitive utility-scale solar IPP at the time.