China's ICBC lead arranger for $ 1.5 bn to finance Dubai 700MW Concentrated Solar Power Project
2018.04.17 From: CSP Focus 光略咨询
Dubai Electricity and Water Authority (DEWA) in September awarded the contract to build the 700-megawatt (MW) project in Dubai costing $3.87 billion to ACWA Power and China’s Shanghai Electric.
The project is the world’s largest thermo-solar power plant, and a part of Dubai’s move to adopt clean energy and build a green economy.
Free report: Cost Control & Supply Chain Optimization for Dubai 700MW CSP Project by Shanghai Electric
Industrial and Commercial Bank of China (ICBC) has been mandated as lead arranger for a $1.5 billion senior loan to finance the construction of a Dubai-based 700MW concentrated solar power project, which is the largest thermo-solar power plant in the world.
ICBC, together with Bank of China and Agricultural Bank of China will play a key role in the financing of the project, providing almost 80% of senior debt.
The project, which has an investment worth $3.87 billion, is in the fourth phase of the Mohamed bin Rashid Solar Park. The engineering, procurement and construction (EPC) agreement with Shanghai Electric Generation Group (SEGC) for the DEWA project in Dubai was signed on April 15 at a ceremony in Shanghai, China.
“The project is in the process of concluding the financing package. ICBC is acting as the mandated lead arranger and targeting to approve $1.5 billion of senior loan,” ACWA Power said in a statement.
To get the newest information of Dubai 700MW CSP project and communicate with the project key players, you are welcomed to join the upcoming CSP Focus MENA 2018 event in Marrakech, Morocco during June 27-28, which will be the can’t missing gathering for CSP industry players watching Middle East & North Africa region.
“This project is a flagship project for ICBC in supporting the three major Chinese power equipment suppliers, namely Shanghai Electric, Dongfang Electric and Harbin Electric, to ‘go abroad’ and break through the sophisticated and established power market.”
The project, which comes with a record low tariff of just $7.3 cents per kilowatt hour (kW/h), will feature a combination of a tower and parabolic troughs, which will collect heat and store it in molten salt to supply electricity on demand during the day and through the night. The CSP tower to be built at the site will the world’s tallest CSP Tower at 260 meters.
The largest thermo-solar power plant in the world is set to save 2.4 million tons of CO2 and half a million tons of natural gas per year, eliminating the need to use foreign currency to import this gas by substituting it with clean and renewable energy.
Relevant CSP Conference：CSP Focus MENA 2018（June 27-28,Marrakeck Morocco）
More from CSP FocusNext
Madhya Pradesh Set To Use Concentrated Solar Power Technologies
Dubai set to hit record-low Middle East CSP price on its first project
List of sponsors and exhibitors—CSP Focus China 2018 March 22-23 Beijing
Dubai will launch concentrated solar power (CSP) projects to generate 1,000 megawatts by 2030
Dewa awards advisory contract for Dubai’s Mohammed bin Rashid Al Maktoum Solar Park
Leave your thoughts here
Reports(Member Only)See more+
CSP Focus Membership Proposals
We are now proposing CSP Focus Membership, hoping to better serve our members to keep pace with the latest updates of ongoing CSP projects worldwide, and to establish and maintain business relations with major shareholders of the projects. CSP Focus offers to Membership exclusive access to:1. Daily/Weekly update and analysis on CSP policies, projects, technologies, market trend and corporate relea
The Latest CSP Focus Monthly Update
Join CSP Focus Membership to Get the Latest CSP Focus Monthly Update December Edition.
CSP Project Monthly Update 2022 December Edition
CSP Focus is presenting CSP Project (China) Update 2022 December Edition.Detail report is available for CSP Focus Membership.
Presentations-CSP Focus China 2021
The Report is for CSP Focus Members only.
Upcoming EventsSee more+
12th CSP Focus China 2022
11th CSP Focus China 2021
10th CSP Focus China 2020
2020.10.22-23 Beijing, China
Project UpdatesSee more+
Lanzhou Dacheng Dunhuang CSP Project
Asia Pacific-China，Operational，Parabolic Trough
Luneng Haixi 50MW Molten Salt Tower CSP Project
Asia Pacific-China，Operational，Power Tower
Dubai 950MW NOOR Energy 1 CSP+PV Project
MENA-UAE，Under construction，Power Tower
Power China Gonghe 50MW Molten Salt Tower CSP Project
Asia Pacific-China，Operational，Power Tower