FX.co ★ Dubai launches world’s largest solar power project

The world’s largest Concentrated Solar Power (CSP) project will be implemented in Dubai. According to GulfNews, Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, launched the project on Saturday.

A $3.9 billion contract to build a 700 megawatt solar power plant was awarded to a consortium comprising Saudi and Chinese contractors.

It will include the world’s tallest solar tower capturing the sun's energy, which will stand 260 meters tall.

The government expects to boost the share of renewable energy sources in Dubai’s gross power production to 25% by 2020 and to 75% by 2050.