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）
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