At the Mohammed bin Rashid Al Maktoum Solar Park, the green hydrogen project implemented by Dubai Electricity and Water Authority (DEWA) in collaboration with Expo 2020 Dubai and Siemens Energy is a key project in bolstering the UAE’s efforts to become globally competitive in the green hydrogen market.
The United Arab Emirates plans to take a 25 percent stake in the over USD 400 billion low carbon hydrogen business.
The project’s implementation at the Solar Park will help achieve cost-effectiveness in creating green hydrogen, making it the first of its sort in the Middle East and North Africa. Electrolysis powered by renewable energy sources is the primary method for producing green hydrogen. For the past five years in a row, DEWA’s Levelised Cost of Energy (LCOE) for solar electricity has been the lowest in the world, solidifying Dubai as a leader in the renewable energy sector.
In addition, Dubai’s regulatory and legislative frameworks are both clear and stimulating, making the city an attractive location for private sector and worldwide investors and developers interested in the Independent Power Producer (IPP) model of financing clean and renewable energy projects.
Through this strategy, which promotes value-added collaborations between the public and commercial sectors, DEWA has attracted investments of roughly AED 40 billion.
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