Dubai Electricity and Water Authority (DEWA) awarded the 900MW photovoltaic fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park to the consortium led by ACWA Power in partnership with Gulf Investment Corporation (GIC). The winning tariff of USD 1.6953 cents/kWh establishes a new global benchmark for Solar Energy. The 900 MW 5th phase with an investment of USD 570 Million, will bring the production capacity of the Mohammed bin Rashid Al Maktoum Solar Park to 2,863 MW. This fifth phase alone is expected to power 270,000 homes and offset carbon emissions amounting to 1.18 million Tons per year in Dubai. The project will use the latest bifacial photovoltaic solar panels, which captures sunlight on both sides of the panel and produces energy with an advanced solar tracking system to increase generation efficiency. DEWA will retain a 60% stake in this latest solar project and be the sole off-taker of power under a 25-year PPA. The 5th phase of the solar park is expected to be commissioned in phases starting Q3 2021.