中文  |  ENGLISH

Home > Market > China > Here

ACWA sees Dubai 700MW Concentrated Solar Power financial closure in early 2018

2017.12.12     From: thenational.ae


ACWA Power will reach financial closure on the world’s largest single-site concentrated solar power (CSP) project, currently underway in Dubai, by the first quarter of 2018, its chief executive said on Monday.


“We’re very confident of achieving financial closure on target for the Dubai plant in the first quarter; the minute the financing closes, and it goes into construction, people realise it’s real and it creates yet another buzz around it,” Paddy Padmanathan said in an interview in Abu Dhabi.


In September, ACWA Power, in consortium with China’s Shanghai Power, was selected by the Dubai Electricity and Water Authority (DEWA) to build a 700 megawatt (MW) extension to the Mohammed bin Rashid Al Maktoum Solar Complex in Dubai, after submitting one of the lowest tariffs for a CSP project at 7.3 US cents per kilowatt-hour. The project is valued at Dh14.2 billion.



In the upcoming CSP Focus China 2018 Mar.22-23 Beijing  conference, representative from ACWA Power will come to China and share the experience in solar CSP plant development, CSP industry value chain.
 
Mr Padmanathan says the company plans to gradually expand its international business into new geographies, lessening its reliance on the Saudi market.


The company is a key participant in Saudi Arabia’s plans to increase the scope of renewable energy, namely wind and solar, to generate up to 9,500MW of electricity in the kingdom by 2030. The developer wants to bid for the kingdom’s first renewable power projects, namely a 300MW solar power plant and a 400MW wind project.


“We’re an international company, half our investments are in Saudi Arabia and the other half outside and we’ll continue to keep it that way,” he said. “Ultimately, our objective is 60:40. 40 percent in Saudi Arabia and 60 percent elsewhere. We’re in Vietnam, South Africa, Morocco, and we’ll continue to grow geographically as well.


As part of its capex spend, ACWA Power is set to invest around US$4bn on renewable energy projects in Dubai, Jordan, Egypt and Morocco next year, with 80 percent of the cost to come from debt and the rest from equity.


ACWA Power announced on Monday it had been awarded a build-own-operate contract for the development of the Salalah Independent Water Project by the Oman Power and Water Procurement Company, as part of a consortium with Veolia and Didic.


Mr Padmanathan confirmed the company’s intention to list in Saudi Arabia and an international exchange in the coming year.


“We’ll be looking at filing in 2018 and beyond that it’s up to the regulators, but our expectation is to move on now,” he said.


“Everybody talks about listing. You need to be responsible. You need to make sure you have stable dividends coming through and we’re now as a company at a stage where we’ve got adequate enough operating portfolio that can generate that dividend stream and we’re now ready to bring the public in to become shareholders, and 2018 is our target.”


The Riyadh-headquartered firm is owned by a group of private Saudi holding companies as well as the Sanabil Direct Investment Company, which is in turn held by the state-owned Public Investment Fund.


Comments

  • Congratulations to ACWA for this project. Project cost at DH 14.2 Billion appears to be on higher side. There is tremendous scope to explore ways to cost reduction by redesigning the components for enhanced efficiency and reduced costs at least 5 - 10%. www.hiroenergysolutions.com

Leave your thoughts here

Free Reports

See more+
  • Suppliers List of China Key CSP Projects (Updating)

    13 key concentrated solar power projects in China undergoing:Shouhang Dunhuang 100MW Molten Salt Parabolic Trough ProjectRoyal Tech Yumen 50MW Parabolic Trough ProjectDCTC Dunhuang 50MW MS CLFR ProjectRayspower Yumen 50MW Trough ProjectCNNC Royal Tech Urad 100MW Parabolic Trough ProjectSupcon Delingha 50MW Molten Salt Tower ProjectLuNeng Haixi 50 MW Solar Thermal Tower Plant ProjectPower C

  • China Large-scale CSP Projects Update

    Updating--Nov., 2019 Edition23 pagesPart 1: Background and Fact Sheet (P1-11) · Implementation and adjustment of 1st batch of CSP demonstrations· FiT policy update and prediction· Sum-up on the 20 projects’ technology, location, ownership and key participants Part 2: Milestones of

  • Construction and Operation of SUPCON SOLAR Delingha 50MW Tower CSP Project

    40 pages in totalCompany Profile (P3-4)Construction of Delingha 50MW Tower CSP Project (P6-17)Operation of Delingha 50MW Tower CSP Project (P18-30)Issues during Commissioning and Operation (P31-39)

  • BrightSource Engineering and Manufacturing System

    Engineering, Supply Chain, Construction, Business Intelligence. What about the Min O&M?

Upcoming Events

See more+

Project Updates

See more+

CONTACT US

Tex:+86-21-6111 0177

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