Lowest solar power project tariff in the world at 5.98 cents per kWh
Paddy Padmanathan, President and CEO of ACWA Power talks about the tender and how Acwa Power is intending to structure the deal.
On November 20, 2014, ten bids for the 100 MW PV IPP tender issued by Dubai’s state utility DEWA were opened. The results provoked awe throughout the Gulf region’s power community and will set the standards for future tenders. Saudi Arabia’s Acwa Power bid an unprecedented 5.98 USD cents/kWh, with a consortium of Spain’s Fotowatio Renewables and Saudi Arabia’s ALJ Energy coming a close second with 6.13 cents/kWh. The low tariffs, bid in a fully commercial, unsubsidized setting, disprove persisting misconceptions in the region about the allegedly high cost of PV and should provide a boost to other governmental procurement programs in the Gulf, in particular, in Saudi Arabia.
Paddy Padmanathan, President and CEO of ACWA Power talks about the200 MW (260 MWp) solar PV project was allotted to Saudi Arabia-based ACWA Power by Dubai Electricity & Water Authority (DEWA).
The 200 MW (260 MWp) solar PV project was allotted to Saudi Arabia-based ACWA Power by Dubai Electricity & Water Authority (DEWA) earlier this year. The project was much discussed among several stakeholders around the world as ACWA Power quoted a tariff of 5.98 cents per kWh — the lowest tariff quoted for any solar power project in the world.