REC set to bid for 3rd tender at the Mohammed Bin Rashid Al Maktoum Solar Park in Dubai

Munich October 7, 2015

REC, the largest European brand of solar panels, and Viridis Holding, an asset management and investment company, have jointly submitted an “Expression of Interest” to the Dubai Electricity and Water Authority (DEWA).

Together, they intend to submit a competitive bid for a part of the remaining 800 megawatts (MW) at the Mohammed Bin Rashid Al Maktoum Solar Park. This strategic move further supports REC’s commitment to the Middle East and specifically to the Dubai solar market after opening its regional office in 2013 in Dubai.

DEWA’s most recent tender is part of the impressive 3,000 MW Mohammed bin Rashid Al Maktoum Solar Park, which once completed, will dramatically alter the solar landscape of the Middle East. As the power authority of Dubai, it has upped its renewable energy target, pledging to source 7% of its energy needs from clean resources by 2020, and 15% by 2030.

Commenting on the strategic move, Luc Graré, Senior Vice President EMEA at REC, says, “Dubai benefits from high irradiation levels, making solar quite competitive. However, the best profitability analysis is useless if the solar panels are not performing as they should for at least 25 years due to the region’s harsh climate conditions. With REC’s high-quality products, long-term experience and German engineering expertise, REC has the know-how to implement efficient, long-running and reliable solar installations that can withstand the heat and sandstorms that exist in Dubai. We are pleased to contribute our demonstrated expertise on a competitive level backed by sustainable financial stability.”

In addition to REC’s long track record in the region, recent installations and projects include one of the world’s largest and most advanced solar test facilities in Dubai, as well as the first privately financed large commercial rooftop installation in Dubai’s free zone. Furthermore, REC’s solar panels have been installed on the rooftop of a terminal at Dubai International Airport.

For further information please contact:

Agnieszka Schulze
Public Relations Manager, REC
Leopoldstr. 175, 80804 Munich, Germany
Phone +49 89 54 04 67 225
Email agnieszka.schulze [at] recgroup.com

About REC:

REC is the largest European brand of solar panels, with more than 15 million high-quality panels produced at the end of 2014. With integrated manufacturing from polysilicon to wafers, cells, panels and turnkey solar solutions, REC strives to help meet the world’s growing energy needs. In partnership with a sales channel of distributors, installers, and EPCs, REC panels are installed globally. Founded in 1996, REC is a Bluestar Elkem company with headquarters in Norway and operational headquarters in Singapore. REC’s 1,800 employees worldwide generated revenues of USD 680 million in 2014.