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260MWp photovoltaic plant at Mohammed bin Rashid Al Maktoum Solar Park sets a worldwide milestone for utility scale solar power generation with a landmark levelized tariff of 5.84 USD cents/kWh. Project supports the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to promote renewable energy sources and is part of the Dubai Integrated Energy Strategy 2030. ACWA Power to finance, build and operate the power plant, and receive a 25-year power purchase agreement (PPA) starting in 2017. Largest photovoltaic IPP tender in the world. 15th January, 2015 – Dubai, United Arab Emirates:  A consortium led by ACWA Power, a leading water and power developer, owner and operator based in Riyadh, Saudi Arabia with international operations in 9 countries, and TSK, the Spanish engineering and construction company as technology provider, was announced by Dubai Electricity and Water Authority (DEWA) as first rank bidder to develop, construct, own and operate the solar photovoltaic independent power project of a net power capacity of 200 MW (260MWp installed) for the Phase II of the Middle East’s largest renewable energy power plant located at Mohammed bin Rashid Al Maktoum Solar Park, Dubai. The winning bid has set a new global benchmark as it reduces the cost of electricity produced by solar energy by over 20 percent.  ACWA Power will receive a levelized tariff of 5.84 USD cents/kWh for a 25-year power purchase agreement (PPA) starting in 2017. The 200MW facility is the largest utility scale solar plant in the world competitively tendered in a single phase, and the first and largest in the Middle East.  It will produce enough electricity to power 30,000 homes every year, using photovoltaic (PV) solar panels to generate electricity.  It is estimated that the project will also reduce carbon emissions by 469,650 tons of CO2 equivalent emissions for every year of operation. Paddy Padmanathan, president and CEO, ACWA Power, commented:  “Dubai has a clear strategy to diversify its energy mix with renewable energy, and specifically solar, playing a key role.  This when combined with a politically stable environment and the availability of low-cost finance means that solar PV technology becomes commercially cost-effective.   “We have established ACWA Power as the leading renewable energy developer in the region, and this project demonstrates once again that we live up to our commitment of delivering reliable and sustainable electricity at the lowest kWh tariff.” The public tender for constructing Phase II of the Mohammed bin Rashid Al Maktoum Solar Park was launched in Spring 2014 using a build-own-operate (BOO) model.  24 independent power producers (IPPs) prequalified with bids from ten consortia being opened on November 20, 2014.  The ground breaking  landmark tariff, which has been achieved using USA-based Firstsolar’s photovoltaic thin film PV panels, secured the project for ACWA Power who will finance and construct the power plant, and then receive the fixed tariff under the 25-year PPA.  DEWA will take a 51 percent equity stake in the project and the developer will take 49 percent (ACWA Power and TSK in the proportion of 85/15). Thamer Alsharhan, managing director, ACWA Power, said:  "This project supports the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to promote renewable energy sources.  A capital intensive project of this type with a 25-year commitment necessitates a sustainable approach, a shared vision and common ambition.  “DEWA has demonstrated through its transparent, competitive tender process that it has those qualities which make it a world class utility.  I hope this project creates the momentum for renewable energy to pick up significantly in the region.” The project is the second phase of the development located on a 40 square kilometer site to the south-east of Dubai and further enhances the Green Economy for Sustainable Development initiative of His Highness Sheikh Mohammed bin Rashid Al Maktoum.  Subsequent expansion will see the facility grow to produce 1,000 MW of electricity. Rajit Nanda, chief investment officer, ACWA Power, said:  “Having accumulated solid experience in the development of complex and cutting-edge fuel-efficient power and water plants of very large capacities across geographies, ACWA Power has now integrated its vision to encompass sustainability and deliver electricity at grid parity tariffs with the use of only the light of the sun.” »
Forum highlights achievements attained by the Kingdom in water and electricity over the past decade ACWA Power has confirmed its participation as a key principal sponsor of the 10th edition of the Saudi Water and Power Forum (SWPF), to be held in Riyadh on Monday, January 12th, 2015 at Al Faisaliah hotel. The forum is set to be a platform that gathers key stakeholders in the water and power sectors in the Kingdom, as well as sector pioneers and main players in other countries, enabling rich networking opportunities to exchange insights and expertise and discuss future plans, in addition to discussing the vision of Saudi Arabia’s Ministry of Water and Electricity for investments in related national projects. In its 2015 edition, SWPF will highlight the achievements and success attained by Saudi Arabia in the water and power areas over the past 10 years, and set a road map for achieving sustainable development, while focusing on the biggest challenges faced by the vital sectors. ACWA Power will be represented by President & Chief Executive Officer Paddy Padmanathan Managing Director Thamer Al Sharhn, and Thomas Altmann, Vice President & Chief Technology, as they will be actively participating in panel discussions on the most urgent water and power topics. During the event, Paddy Padmanathan will talk about water and power business from the private sector’s perspective in Saudi Arabia, while Thamer Al Sharhan will take part in discussions on facilities’ sustainability and a roadmap for governance and policies in various utility projects, in a manner that supports economic sustainability and social welfare. Meanwhile, Thomas Altmann will shed light upon renewable energy and strategies for building environment friendly facilities and the added value contributed by the kingdom. “ACWA Power celebrates its 10th anniversary this year. Through taking part for the fifth consecutive year at the Saudi Power and Water Forum, which plays a vital part in bringing forward the challenges and achievements of the industry, we also contribute to its development, together with our partners from the private and the public sector, in order to realize the Saudi government’s ambitious vision”, said Thamer Al Sharhan, Managing Director of ACWA Power. “The increasing, rapid-paced demand on desalinated water and electricity in the Kingdom represents the biggest challenge faced by Saudi economy, whether in terms of power efficiency and fuel consumption on the local level, or in regards to diversifying power resources to include solar power, nuclear power and various other resources,” he added. “This is in addition to the important challenge of training and qualifying national staff to undertake maintenance, development and operation of the water and electricity facilities around the kingdom, where the Higher Institute for Water & Power Technologies in Rabigh helps by providing Saudi youth with quality preparation.” ACWA Power is a leading Saudi developer, investor, co-owner and operator of a portfolio of plants with a capacity to generate 15.5 GW of power and produce 2.4 million m3/day of desalinated water in Saudi Arabia and countries of operation.  »
  Noor II project is a  200MW  solar power plant based on concentrated solar power technology (CSP) using parabolic trough;  Noor III project is a 150MW solar power plant  based on concentrated solar power technology (CSP) using central tower;  Both projects will be located at the Noor Complex in Ouarzazate, Morocco.  The total  value of both  projects of  USD 2.0 Billion will be funded on 80/20 debt to  equity  basis  with  debt  entirely  financed  by  MASEN  with  lending  funds secured  from  the  World  Bank,  Kreditanstalt  für  Wiederaufbau,  the  African Development  Bank,  the  European  Commission  and  European  InvestmentBank.. On  9  January  2015,  a  consortium  led  by  ACWA  Power,  a  leading  water  and  power developer,  owner  and  operator  based  in  Riyadh,  Saudi  Arabia  with  international operations  in  9  countries,  and  SENER,  the  Spanish  engineering  and  construction company,  as  technology  provider  was  announced  as  preferred  bidder  to  develop, construct, own and operate  the  Independent Power Projects  of  Noor II (200MW)  and Noor  III  (150MW)  located  in Ouarzazate (500  km south of Rabat) in the Kingdom of Morocco. Both  projects  will  be  constructed  in  parallel  and  constitutes  the  2nd phase  of  the development of the Noor Solar Complex,  promoted by MASEN, the Moroccan Agency for  Solar Energy  as part of the Moroccan government plan to produce 2 gigawatts of solar  power  by  2020,  equivalent  to  about  38  percent  of  Morocco’s  current  installed generation capacity.An  ACWA  Power  led  consortium  is  already  constructing  the  1st phase  of  the  same complex (160MW Noor I  CSP project)  and with this  new additions  will bring the  installed capacity  at  the  complex  to  a  total  of  510MW,  making  this  the  largest  solar  power complex in the world.The  selection  of  ACWA  Power  was  a  result  of  an  international  tender,  where  4 Consortiums  submitted  technical  proposals  in  March  2014  and  financial  offers  in September 2014. The  preferred bidder announcement  comes after a rigorous evaluation process under the rules of the World Bank, which took in consideration the lowest power tariff  for  the  kilowatt-hour  produced,  combined  with  the  best  state-of-art  technical solution  provided.  In its proposal  ACWA Power Consortium also committed to source a minimum  of  35%  of  the  scope  of  the  projects  by  value  from  the  local  Moroccan contractors and manufacturing industry as a means of industrial integration and support to the local economy.Paddy Padmanathan, President and CEO of ACWA Power said: “We are particularly delighted to be selected to deliver these two projects as it is part of the visionary and ambitious renewable energy program of Morocco; a country that is not only showing leadership in reducing carbon emission by utilizing renewable resources but is also displaying what is achievable through a well-executed transparent competitive tendering process. We are very pleased to demonstrate that once again we have lived up to our commitment of delivering reliable and sustainable electricity at the lowest kWh tariff. This type of project that is capital intensive and with a 25-year commitment necessitates a sustainable approach, a shared vision and common ambition. We thus strongly believe in the intrinsic benefit of maximizing local content of at least 35% of the total cost of the project, maximizing the generation of local employment and in developing the community surrounding us together with the solar power plant projects via responsible social contribution and action.”Thamer Alsharhan, the Managing Director of ACWA Power, said: "We are proud to be selected by MASEN to develop phase II of Noor Solar Power Complex at Ouarzazate. As a global company from Saudi Arabia these projects are well aligned with ACWA Power's business model based on a combination of trust, vision, lasting partnerships, superior economic and operational performance, creativity and transparency to bring technologically appropriate and economically viable responses for the development of communities which also contribute to the improvement and preservation of the environment. As we are doing on the Noor I project, we will continue to ensure the socio-economic development of the neighboring communities and the region at large." Having accumulated solid experience in  the  development  of complex  and cutting-edge fuel-efficient  fossil fuel power and water plants  of very large capacities in the Arabian Gulf, ACWA Power was able to export its vision to sustainability; reviving the solar thermal power technologies, which generate fully dispatch-able electricity just as any other fossil fuel power plant, toward achieving near grid parity tariff with the use only of the heat of the sun.For the Noor II and Noor III projects, ACWA Power delivered  the best offer among the four prequalified tenders. ACWA Power offered  a power  tariff  per  kWh  of  1.36 MAD  (circa 15.67 $cent)  kWh for Noor II and  1.42 MAD (circa 16.31$cent)  per kWh for Noor III in the combined offers, which will allow Morocco  to save 1.1 billion  MAD (132 million USD) in comparison with the second lowest. Moreover, Noor II and Noor III projects  are equipped with  thermal  storage capacity of approx. 7 hours each, enabling these plants to dispatch a record-high amount of power generation, beyond day time, well into the night, helping significantly Morocco to meet its  high  demand  for  electricity  during  peak  hours .  Like  Noor  1,  the  two  plants  use Concentrated Solar Power (CSP),  where Noor II with a capacity of 200 MW will use the technology of parabolic trough collectors,  while Noor III with a capacity of 150 MW will use solar tower technology. The  projects  will  serve  to  promote  the  “green  approach”  and  will  be  saving approximately 1,108,600 tons of CO2 equivalent emissions for every year of operation. ACWA Power will be responsible for the design, financing, construction, operation and maintenance  of  the  two  power  plants.  For  its  part,  SENER  will  be  providing  the  solar technology.  SENER has a worldwide reputable expertise in solar-thermal technology. Its scope  of  activity  includes  the  design  and  supply  of  some  key  components  of  this technology,  in  addition  to  the  engineering,  construction,  and  commissioning  of  the equipment. It is worth  noting  that in 2012,  ACWA Power  (along with SENER as technology supplier) won,  also under an international competitive bid,  the  right to develop the  1st phase of the  Noor  complex, with the Noor I project, a  160MW Concentrated Solar Power  plant based on parabolic trough technology. ACWA Power  then  provided  a tariff that was 28.6% lower than the second best bid  saving  250 million USD to the Kingdom of Morocco. The  construction of Noor I  began  in June 2013  and is successfully in progress. Noor I is expected to become operational on schedule in the 4thquarter of 2015. »
-          Saudi company preferred bidder to develop the REDSTONE CSP IPP which at US$ 1.2 Billon is the biggest investment in the South African renewable energy programme.    A consortium led by ACWA Power, a leading water and power developer, owner and operator based on Riyadh, Saudi Arabia and SolarReserve a leading global developer of utility-scale solar power projects has been awarded the right to develop the USD 1.2 billion Redstone Project – a 100 MW concentrating solar power (CSP). The project was developed in response to the DOE’s Round 3 (CSP) Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) in South Africa. The Redstone Solar Thermal Power project, with the lowest tariff bid to date from any CSP project in the country, is scheduled to achieve financial close later in 2015 and commence operations in early 2018. The Redstone Project will utilize solar power to generate and deliver reliable electricity on-demand day and night to power more than 200,000 homes with stable and predictable supply; it does this by capturing the heat of the sun (reflected by a field of mirrors pointing to a boiler mounted on a central tower) which is stored in the form of molten salt and then used as required to operate a steam turbine and generator. Paddy Padmanathan, president and CEO of ACWA Power, said:  “This Redstone Solar Project together with our 50 MW Bokpoort CSP project in South Africa and the Noor1, 160MW solar thermal power plant at Ouarzzate in Morocco, extends ACWA Power’s success in solar energy on the African continent. The Redstone Solar Project is another successful bid where we challenged ourselves to deliver the lowest tariff to date in the REIPPP programme for electricity generated wholly with solar power but dispatchable reliably both at day and night; again demonstrating ACWA Power’s commitment to reliably deliver electricity at the lowest possible cost. All aspects of the project, from development phase to construction and then operations, have been structured to ensure maximization of value retention in not just only the South African economy, but also within the local economy of Northern Cape Province recognizing the intrinsic value in co-developing local people along with this asset which will co-exist with the local community for decades to come” The project will have a significant positive socio-economic development impact on the surrounding community and the country as a whole. During the peak of construction and the operating phases of the project, more than 800 direct jobs during the construction phase comprised of craft workers on site and will also create significant additional jobs related to equipment supply, manufacturing, engineering, transportation and other services. Over 40% of the total project value will be provided by South African suppliers – a portion of which will support BBBEE activities. Rajit Nanda, Chief Investment Officer, ACWA Power, said:  “ACWA Power is also particularly pleased to yet again lead in the field of project financing by structuring this innovative tower technology based solar power project with limited resource project finance for the first time in the world. The Redstone Project marks another significant milestone in ACWA Power’s target of adding renewable energy capacity to its multi-fuel portfolio of assets capable of generating15.5 GW of electricity and producing 2.4 million cubic meters of desalinated water”   The project will also off-set approximately 500,000 tons of carbon dioxide which would have been emitted into the atmosphere if this amount of power was generated using fossil fuels. »
-          Saudi company preferred bidder to develop the REDSTONE CSP IPP which at US$ 1.2 Billon is the biggest investment in the South African renewable energy programme.    A consortium led by ACWA Power, a leading water and power developer, owner and operator based on Riyadh, Saudi Arabia and SolarReserve a leading global developer of utility-scale solar power projects has been awarded the right to develop the USD 1.2 billion Redstone Project – a 100 MW concentrating solar power (CSP). The project was developed in response to the DOE’s Round 3 (CSP) Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) in South Africa. The Redstone Solar Thermal Power project, with the lowest tariff bid to date from any CSP project in the country, is scheduled to achieve financial close later in 2015 and commence operations in early 2018. The Redstone Project will utilize solar power to generate and deliver reliable electricity on-demand day and night to power more than 200,000 homes with stable and predictable supply; it does this by capturing the heat of the sun (reflected by a field of mirrors pointing to a boiler mounted on a central tower) which is stored in the form of molten salt and then used as required to operate a steam turbine and generator. Paddy Padmanathan, president and CEO of ACWA Power, said:  “This Redstone Solar Project together with our 50 MW Bokpoort CSP project in South Africa and the Noor1, 160MW solar thermal power plant at Ouarzzate in Morocco, extends ACWA Power’s success in solar energy on the African continent. The Redstone Solar Project is another successful bid where we challenged ourselves to deliver the lowest tariff to date in the REIPPP programme for electricity generated wholly with solar power but dispatchable reliably both at day and night; again demonstrating ACWA Power’s commitment to reliably deliver electricity at the lowest possible cost. All aspects of the project, from development phase to construction and then operations, have been structured to ensure maximization of value retention in not just only the South African economy, but also within the local economy of Northern Cape Province recognizing the intrinsic value in co-developing local people along with this asset which will co-exist with the local community for decades to come” The project will have a significant positive socio-economic development impact on the surrounding community and the country as a whole. During the peak of construction and the operating phases of the project, more than 800 direct jobs during the construction phase comprised of craft workers on site and will also create significant additional jobs related to equipment supply, manufacturing, engineering, transportation and other services. Over 40% of the total project value will be provided by South African suppliers – a portion of which will support BBBEE activities. Rajit Nanda, Chief Investment Officer, ACWA Power, said:  “ACWA Power is also particularly pleased to yet again lead in the field of project financing by structuring this innovative tower technology based solar power project with limited resource project finance for the first time in the world. The Redstone Project marks another significant milestone in ACWA Power’s target of adding renewable energy capacity to its multi-fuel portfolio of assets capable of generating15.5 GW of electricity and producing 2.4 million cubic meters of desalinated water”   The project will also off-set approximately 500,000 tons of carbon dioxide which would have been emitted into the atmosphere if this amount of power was generated using fossil fuels. »

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