China Silk Road Fund invests in Dubai Solar Project2018-07-24
According to the leading ACWA Power statement, the China Silk Road Fund will acquire a 24.01% stake in the 700MW (MW) Dubai Power and Water Authority (DEWA) Centralized Solar Power (CSP) project in the UAE. Developers, owners and operators of power plants and desalination plants.
"The DEWA CSP project will be jointly invested and developed by DEWA, the Silk Road Fund and ACWA Power," wrote a statement on Sunday.
The project was awarded to ACWA Power-led consortium in 2017 and is the fourth phase of Mohamed bin Rashid Solar Park, the world's largest single-station centralized solar power plant.
"The project uses a combination of state-of-the-art central tower and parabolic trough technology to collect energy from solar energy, store it in molten salt, and generate steam as needed to generate electricity during the day and throughout the night," it said.
The project is expected to provide electricity at an average price of $7.30 per hour per hour, "the cost level of competition with fossil fuel power generation does not require round-the-clock reliable and schedulable solar subsidies."
According to the statement, the plant will support the Dubai Clean Energy Strategy in 2050, increasing Dubai's clean energy share to 25% by 2030 and expecting to save 2.4 million tons of CO2 per year.
ACWA Power CEO Paddy Padmanathan called the project "the largest single renewable energy project in the world today."
"The introduction of new investors into DEWA CSP is in line with ACWA Power's established strategy of sharing investment with value-added partners, which will in turn support our projects," he said.
"This co-investment is also in line with our investment strategy of effectively deploying our own capital to retain a meaningful equity level for each project, enough to make us a long-term investor who actually controls the investment. Let us continue Focus on reliably delivering electricity and desalinated water at low cost," he added.
The Silk Road Fund invests in a wide range of sectors within the framework of the One Belt, One Road initiative, including infrastructure, energy resources, industrial capacity cooperation and financial cooperation.