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ACWA Power announces financial closure for 950 MW Dubai solar project
- 5 years ago (2019-03-29)
- David Flin
Dubai Electricity and Water Authority (DEWA) and Saudi Arabia’s ACWA Power have announced the financial closing of a 950 MW concentrated solar power project in Dubai. This solar project is part of the fourth phase development of the Mohammed Bin Rashid Al Maktoum Solar Park, Dubai, UAE. With a total investment of $13.6 billion, it will be the largest single-site solar park in the world when commissioned. The announcement of the financial closure came shortly after DEWA announced plans to auction 900 MW of solar PV capacity at the same solar park.
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ACWA Power is developing the project in partnership with Shanghai Electric Group Company (SEGC), the Industrial and Commercial Bank of China (ICBC), and Abengoa of Spain. ACWA Power is the lead developer of the project, and ICBC will act of an international lender. Shanghai Electric is in charge of EPC, while Abengoa is one of the major technology providers for the project.
The project, called Noor Energy 1, consists of both concentrated solar power (CSP) and PV plants. The project includes the world’s tallest 260 m high solar tower that will generate 100 MW, three 200 MW parabolic-trough CSP stations, and a PV plant of 250 MW capacity. Noor Energy 1 will have 15 hours of energy storage, and will be capable of delivering power 24 hours a day.
ACWA Power has commissioned the second phase of the solar power park with a capacity of 200 MW. The project is scheduled to be fully operational by 2020. It will contribute to Dubai’s clean energy strategy which aims to achieve 75 per cent of Dubai’s power generation from renewable energy sources by 2050.