ACWA Power signs cooperation agreement with three international entities for »Noor Energy 1«
Post date: 04/12/2018 - 18:44
The International Company For Water And Power Projects (ACWA Power) announced its partnership with the Industrial and Commercial Bank of China Limited (ICBC), Shanghai Electric Group Co., Ltd (SEGC), and Spanish company Abengoa, with regards to the 950 MW »Noor Energy 1« plant in Dubai. ACWA Power is lead developer on the project while ICBC has established its role as an international lender for »Noor Energy 1«. Earlier this year ACWA Power signed an Engineering, Procurement and Construction (EPC) agreement with Shanghai Electric Group Co., Ltd (SEGC), Concentrated Solar Power Technology provider Abengoa is one of the main technology providers and key subcontractors for the plant.
The DEWA IV IPP project, which was awarded to an ACWA Power led consortium in 2017, is the 4th phase of the Mohamed bin Rashid Solar Park; according to the company, it is the largest single-site concentrated solar power plant in the world. The project, initially expected to deliver 700 MW of energy, will use a state-of-the-art combination of the world’s tallest 260-meter-high solar tower that will generate 100 MW, three stations of parabolic trough concentrated solar power (CSP) each producing 200 MW, and 250 MW generated from photovoltaic panels to yield a total capacity output of 950 MW.
The project is projected to deliver electricity at a levelised tariff of $7.323 cents per kilowatt-hour 24 hours a day; a cost level that competes with fossil fuel generated electricity without subsidy for reliable and dispatchable solar energy around the clock. The plant will support the Dubai Clean Energy strategy 2050 to increase the share of clean energy in Dubai to 25 percent by 2030.