The 900 MW fifth phase of the park is expected to be online in Q2 2021 and will power 270,000 homes, offsetting 1.18 million tons of carbon emissions annually. Based on the Independent Power Producer (IPP) model, ACWA Power in partnership with Gulf Investment Corporation (GIC) won the bid with a tariff of USD 1.6953 cents/kWh, establishing a new global benchmark for solar energy.
The low off-taking price requires a minimized LCOE, which poses tremendous challenges to inverter solutions. Sungrow's upgraded 1500V turnkey solution to be installed is an ideal match for this landmark project.
The project is a vital part of the strategic agreement forged recently between Shanghai Electric and Sungrow. "The solution offered by Sungrow fits our demand very well. The high-efficiency and cost-saving solution, proven delivery capability and prompt service have made them a preferred partner for our growing list of assets," commented Mr. Cao Min, President of Shanghai Electric.
ACWA Power, as the lead developer of the project, has utilized Sungrow inverters in its recent projects including a 500 MW Ibri II project in Oman.
"We're proud to be a part of another fabulous project in the MENA region. This will pave the way for more opportunities and facilitate the local decarbonization at large. We strongly believe that innovation will never cease even during the COVID-19 pandemic," said James Wu, Vice President of Sungrow.
With the local branch established in Dubai, Sungrow continues to make big moves with inverters installed in landmark plants. The latest 1H financial report shows a 55.57% year-on-year growth in revenue while the cumulative installations reaching 120 GW as of June 2020, indicating the Company's robust momentum.
About Sungrow
Sungrow Power Supply Co., Ltd ("Sungrow") is the world's most bankable inverter brand with over 120 GW installed worldwide as of June 2020. Founded in 1997 by University Professor Cao Renxian, Sungrow is a leader in the research and development of solar inverters, with the largest dedicated R&D team in the industry and a broad product portfolio offering PV inverter solutions and energy storage systems for utility-scale, commercial, and residential applications, as well as internationally recognized floating PV plant solutions. With a strong 23-year track record in the PV space, Sungrow products power installations in over 120 countries, maintaining a worldwide market share of over 15%. Learn more about Sungrow by visiting www.sungrowpower.com.
