The strengthening project pipeline for non-hydro renewables projects in the UAE - particularly solar facilities - supports our growth forecasts. Our Key Projects Database highlights that there is over -.-GW of renewables capacity in the project pipeline - across various stages of development, mostly in the tendering phase. ...We forecast solar capacity to expand by an annual average of --.- between ---- and ----, meaning the sector will comprise nearly -.-GW by the end of our ---year forecast. The UAE s position as a Gulf Cooperation Council regional hotspot for solar development will remain unrivalled over our ---year forecast period, as advantageous climatic conditions, the increasing cost competitiveness of solar power and strong government commitment to power mix diversification drive growth. Renewable energy, and most notably solar power, will therefore be a pillar of the UAE s diversification plans, alongside nuclear power. ...Renewable energy, and most notably solar power, will therefore be a pillar of the UAE s diversification plans, alongside nuclear power. This view is underscored by the government announcing in October ---- that it aims to lower the gas share in the power mix to -- by ---- - with USD--bn reportedly being available for targeted investments.
...The UAE has twice registered the lowest bids for tendered solar capacity in the world over the last four months (as of September ----). In May ----, the lowest bid at the phase III ---MW tender of the Mohammed bin Rashid al Maktoum Solar Park was USD-.---/kWh - a -- reduction from that of the ---MW phase II from ---- (which was the world record at the time of submission). ...The UAE has twice registered the lowest bids for tendered solar capacity in the world over the last four months (as of September ----). In May ----, the lowest bid at the phase III ---MW tender of the Mohammed bin Rashid al Maktoum Solar Park was USD-.---/kWh - a -- reduction from that of the ---MW phase II from ---- (which was the world record at the time of submission). More recently, in September ----, Abu Dhabi also registered a bid at USD-.----/kWh at the ---MW Sweihan solar photovoltaic (PV) tender. This means that the UAE has regained the world record for having registered the lowest bid registered for solar capacity, after Chile received a bid at USD-.----/kWh in August ----. This reaffirms the country s prevalent position as a trailblazer for the global solar power market.
...Summit ---- - which outlines the emirate s targets for clean energy sources over the coming years and initiatives put in place to realise these targets. The Dubai Clean Energy Strategy ---- aims for - of total power output to be sourced from clean sources of electricity by ----. ...
