UAE invites companies to bid for 40% stake in 1.5 GW solar plant

Abu Dhabi is inviting companies to develop and bid for a stake of up to 40 per cent in a new solar project, as the capital of the UAE bolsters its renewable energy capacity and tries to neutralise carbon emissions by 2050.

Emirates Water and Electricity Co. will seek bidders to build a 1.5-gigawatt plant in the Ajban area of the UAE’s desert, according to a statement.

EWEC, a state-owned power procurement company, said the government will hold the other 60 per cent of the equity.

Abu Dhabi already has two solar parks that will have a capacity of 3.2 GW when fully operational. The neighbouring emirate of Dubai is building solar plants capable of generating 5 GW of power later this decade.

The oil-rich UAE is developing renewable power plants and nuclear reactors to help produce greener energy. It aims to have 20 GW of solar power by 2030 and 44 GW by 2050, energy minister Suhail Al Mazrouei said on Monday.