中文  |  ENGLISH

Home > Market > China > Here

ACWA Power-led consortium to raise over $2bln for Dubai concentrated solar power project

2019.01.09     From: HELIOSCSP

ACWA Power leads a consortium which over the next few weeks is expected to conclude financing of more than $2 billion for a 950 megawatt (MW) concentrated solar power project in Dubai.


The loan, provided by a group of mostly international banks, will back the development of Noor Energy 1, a $4.3 billion project expected to be the largest single-site concentrated solar power plant in the world.


Noor Energy 1, jointly owned by ACWA Power, China’s Silk Road Fund and the Dubai Electricity and Water Authority (DEWA), is the fourth phase of Mohammed bin Rashid Solar Park in Dubai, a project that aims to reach a capacity of 5,000 MW by 2030.


The project financing, which one of the sources said will be $2.2 billion in total, has different maturities going up to around 25 years.



Flags of the United Kingdom and the European Union painted onto a brick wall with a large crack


It will be provided by a consortium of banks including Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, and also Standard Chartered, Natixis and Union National Bank, the sources said.


In November DEWA signed an amendment to a power purchase agreement with ACWA Power, adding 250 MW of photovoltaic solar panels to an original plan of 700 MW.


Following the amendment, the total investment required for the project reached 16 billion dirhams ($4.36 billion), the Dubai utility said at the time.


Shanghai Electric has been hired as engineering, procurement and construction contractor.



Upcoming CSP events:


CSP Focus China 2019(Mar.21-22, Beijing)

CSP Focus MENA 2019(Jun.26-27, Dubai)


More CSP news and reports please visit www.cspfocus.cn 

or CSP Focus social media on LinkedInTwitterFacebook


Leave your thoughts here

Reports(Member Only)

See more+

Upcoming Events

See more+

Project Updates

See more+

CONTACT US

Tex:

Email:csp@cspfocus.cn


备案/许可证编号为:沪ICP备17051021号

Wechat public platform

Follow CSP Focus for more news