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.
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）
Free ReportsSee more+
Sheet1: Projects Applying for China 2nd Batch of CSP DemonstrationsSheet2: Projects Located in Hami Applying for China 2nd Batch of CSP Demonstrations
1. CONCENTRATED SOLAR POWERIN THE MENA REGION 1.1 An introduction to ConcentratedSolar Power (CSP)2. HOW IT WORKS?3. CSP PROJECTSIN THE MENA REGION 3.1 Shams 1 Project 3.2 Noor Ouarzazate & Noor Midelt4. CHALLENGES TO DEPLOYMENT 4.1 Project Costs and Supply Chain 4.2 Lack of Funding to Support R&D 4.3 Financing and Project Risk5. HOW TO OVERCOME THESE CHALLENGES?6. WHAT DOES THEFUTUR
1. Introduction: Abengoa at a glance2. STE Abengoa References: Main Achievements3. CSP LCOE Evolution: STE LCOE Evolution main relevant countries4. EPC cost in a STE power plant 4.1 Tower technology 4.2 Parabolic trough technology5. Specific cases and scheme for Abengoa in China 5.1 Haixi Luneng Molten Salts Tower Technology 50 MWe, Qinghai 5.2 Yumen East Town Parabolic Trough Technology 50 MW
● Analysis of impacts on LCOE for STE plants ● Analysis of impact factors on production of SUPCON Delingha 10MW plant ● Plan and progress of SUPCON 50MW CSP demonstration project
Upcoming EventsSee more+
Project UpdatesSee more+
Asia Pacific-China，Under construction，Power Tower