DEWA announces winning tender for world’s largest solar project

1 / 2
Sheikh Mohammed bin Rashid, the Ruler of Dubai, said the launch of the world’s largest concentrated solar power plant puts the UAE in leadership position on clean energy sources. (Courtesy Dubai Media Office)
2 / 2
The 700-megawatt extension would have the world’s tallest solar tower, measuring 260 meters.
Updated 16 September 2017

DEWA announces winning tender for world’s largest solar project

DUBAI: The Dubai Electricity and Water Authority (DEWA) has announced the winning tender for the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site concentrated solar power project in the world.
DEWA awarded the tender to a consortium of Saudi Arabia’s ACWA Power and China’s Shanghai Electric, which bid the lowest price at 7.3 US cents per kilowatt-hour, the lowest ever for a solar energy plant.
The Dh14.2 billion project would be commissioned in stages, starting from the fourth quarter of 2020. The 700-megawatt extension would have the world’s tallest solar tower, measuring 260 meters.
“The implementation of the world’s largest concentrated solar energy project underlines the UAE’s leadership on the world stage in producing clean and renewable energy and reinforces our position at the forefront of the most advanced countries in this field,” said Sheikh Mohammed bin Rashid, the Ruler of Dubai, said in a statement.
“We are implementing projects that translate the overall development directions in our country and support the ambitious goals that we set for the future and started implementing it today.”

Dubai aims to increase the share of clean energy to its total power production to 7 percent by 2020, further increasing it to 25 percent by 2030 and 75 percent by 2050.
“Our focus on renewable energy generation has led to a drop in prices worldwide and has lowered the price of solar power bids in Europe and the Middle East. This was evident today when we received the lowest CSP project cost in the world,” said Saeed Mohammed Al-Tayer, the chief executive of DEWA.


Struggling WeWork mulls bailout deals with SoftBank, JP Morgan

Updated 14 October 2019

Struggling WeWork mulls bailout deals with SoftBank, JP Morgan

TOKYO: Under-pressure start-up WeWork is considering two huge bailout plans including a cash injection that could see Japanese investment titan SoftBank take control of the firm, according to reports.
The office-sharing giant had been on course for a massive initial public offering until last month when questions began to be asked over its governance and profit outlook.
The firm’s valuation plunged from $47 billion in January to less than $20 billion in September and the listing plans have been dropped, while co-founder Adam Neumann stepped down as chief executive.
With New York-based parent company We Co. not expected to push for the IPO this year, the cash-strapped firm is looking for a financial lifeline.
The Wall Street Journal, New York Times and Bloomberg News cited unnamed sources close to the talks as saying SoftBank — the US firm’s biggest shareholder — had drawn up a proposal that gives it full control of WeWork.
The move would dilute the voting power of Neumann, who remains as chairman of the company he started in 2010 and also currently maintains control a majority of voting shares.
They also reported that WeWork is looking at a deal with Wall Street giant JP Morgan to raise $5 billion in debt, with the Times saying directors of We would be meeting as soon as Monday afternoon to discuss that.
“WeWork has retained a major Wall Street financial institution to arrange financing,” the Journal reported a company spokesman as saying.
“Approximately 60 financing sources have signed confidentiality agreements and are meeting with the company’s management and its bankers over the course of this past week and this coming week.”
The New York-based startup that launched in 2010 has touted itself as revolutionizing commercial real estate by offering shared, flexible workspace arrangements, and has operations in 111 cities in 29 countries.
However, the company, which lost $1.9 billion last year, has faced skepticism over its ability to make money, especially if the global economy slows significantly.