The consortium was chosen with a bid $16.95 a megawatt-hour, DEWA said.
Dubai issued a tender for this phase of the project in February and received 60 requests for qualifications.
The fifth phase is due online in the second quarter of 2021.
DEWA said project documents, the power purchase agreement and financial close agreements will be signed in due course.
The first 13MW phase of the Mohammed bin Rashid Al Maktoum project has been operational since 2013, with the second 200MW PV stage coming online in March 2017.
A further 500MW of the 800MW third stage is already operational, with work also underway on the 700MW fourth phase.
In total, the Mohammed bin Rashid Al Maktoum development is scheduled to have 5GW installed by 2030.
