The UAE’s Masdar, a leading player in the renewable energy sector, is in talks with Spanish energy company Endesa to secure a $200 million deal for a large-scale solar power project, according to sources. The potential agreement would mark a significant step forward in the Global Dawn project, a 2-gigawatt solar farm being developed in the UAE.
According to insiders, Masdar and Endesa have been engaged in exclusive talks for several months, with the aim of finalizing a deal to jointly develop the project, which is expected to be one of the largest solar parks in the world. The Global Dawn project, initially announced in 2019, will be located in the UAE’s Al-Dhafra region, approximately 50 kilometers west of Abu Dhabi.
The partnership between Masdar and Endesa would bring together two industry giants, with Masdar holding a 51% stake in the project and Endesa retaining a 49% interest. The solar farm is expected to generate enough electricity to power around 150,000 homes, making it a significant step forward in the UAE’s efforts to reduce its carbon footprint and meet its renewable energy targets.
The project’s solar panels will be equipped with advanced tracking technology to maximize energy output and are expected to be able to generate power at a cost competitive with fossil fuels. The project’s economic benefits will also be significant, with estimates suggesting it will create around 1,000 new jobs during the construction phase and generate around AED 1.5 billion (approximately $400 million) in local economic impact.
The UAE has set a goal to generate 44% of its electricity from renewable sources by 2050, and the Global Dawn project is a crucial step towards achieving this target. The country has already made significant progress in recent years, with a number of large-scale solar and wind projects coming online, and this deal with Endesa would be a major milestone in the country’s renewable energy journey.