United Arab Emirates Renewables Report Q2 2016
BMI View: The UAE's position as a GCC regional hotspot for solar development will remain unrivalledover our 10-year forecast period, as advantageous climatic conditions, the increasing cost competitivenessof solar power and strong government commitment to power mix diversification drive growth. Thestrengthening project pipeline is testament to this view.Latest Updates And Structural Trends
Our Key Projects Database highlights that there is over 1.5GW of renewables capacity in the projectpipeline - across various stages of development, mostly in the tendering phase (see chart above). A totalof 1.4GW of this capacity is solar, aligning with our view that 99% of non-hydro renewables capacitywill be made up from solar power in 2025.
The Dubai Electricity and Water Authority is close to tendering phase III of the Mohammed bin RashidAl Maktoum solar complex. The authority, which has received 95 expressions of interest and 21 requestfor qualification responses from international bidders and consortia for the 800MW phase, will announcethe winning bidder in June 2016.
In November 2015, Sheikh Mohammed bin Rashid launched the Dubai Clean Energy Summit 2050 -which outlines the emirate's targets for clean energy sources over the coming years and initiatives put inplace to realize these targets.
In February 2016, it was announced that Spanish firm Abengoa sold its 20% stake in the 100MW Shams1 solar power (CSP) station, in Abu Dhabi, UAE, to Abu Dhabi Future Energy Company (Masdar).The sale is part of Abengoa's EUR100mn (USD112mn) programme aimed at offloading non-strategicassets.
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