The government’s commitment to meet its renewable energy goals, and openness to new investment and technology-transfer opportunities, makes the UAE one of the fastest-growing countries in the region.A development in the regulatory framework, including a Federal law on renewable energy, will further advance the UAE approach, by attracting more foreign investment. Bidders have been invited for the fifth phase, which will be commissioned from Q2 of 2021, reaching a total investment of AED 50 billion (US$ 13.5billion), and a planned capacity of 5,000 MW by 2030. Shams 1 generates enough electricity to power 20,000 homes in the UAE and significantly contributes towards Abu Dhabi’s target of 7% power-generation capacity via renewable energy.In January 2019, Noor Abu Dhabi – the world’s largest single-site solar project – with a capacity of 1,177 MW and power enough for 90,000 homes, started its commercial operation.

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Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article This project, which is named “Noor Abu Dhabi,” is expected to be completed and commence operations by mid-2019. To reach these goals, the UAE will invest USD $163 billion into renewable, clean fossil and nuclear energy technologies over the coming years, with expected savings of $190 billion.

By Binsal Abdulkader ABU DHABI, 26th July, 2020 (WAM) -- Renewable energy and green economy as the two main driving forces will lead the United Arab Emirates to "sustainable and green recovery," a senior official told Emirates News Agency, WAM. Global Legal Group Ltd. and the contributors accept no responsibility for losses that may arise from reliance upon information contained herein. Areva said that its contract involved supply of enriched uranium worth some $500 million, and Tenex claimed to have secured half of the supply. This target appears ambitious on current figures. The UAE is well placed to embrace an influx of electric vehicles.

The contracts involve Canada-based Uranium One, UK-based Rio Tinto, France's Areva and Russia's Techsnabexport (Tenex) for the supply of uranium concentrates. DEWA has recently announced that it doubled the number of charging stations in Dubai from 100 to 200. However, as the UAE seeks to move away from its reliance on hydrocarbons, there has been increased investment in renewable technology, particularly solar photovoltaic (PV) systems.

For conversion services, contracts utilize the USA's Converdyn, Tenex and Areva.

The electricity is used on site and the surplus is exported to DEWA’s network. However, a push toward economic diversification, to avoid sharp commodity downturns associated with an oil-based economy, has led to new incentives and the advent of the latest in renewable energy technologies. Although the UAE has a very ambitious national target for clean energy, the deliverable date of 2050 is rather far in the future. Moreover, the renewables sector is projected to increase its share of overall power generation in the UAE from 0.9 percent in 2018 to 3.4 percent in 2019 and 6.9 percent in 2028.

2 The Korea Electric Power Corporation (KEPCO) led a consortium to design the Barakah plant, which includes four APR-1400 reactors to be built at Barakah site with a total of 5.6 GWeUAE Nuclear Power Reactors (Source: World Nuclear Association)As of January 2019, the physical construction of the plant was 91 percent completed. Renewable energy and green economy are the two main driving forces that will lead the UAE to sustainable and green recovery.