Global Times US Edition - - BIZOVE -

Shang­hai Elec­tric’s Dubai con­tract

Shang­hai Elec­tric Corp and ACWA Power have signed an en­gi­neer­ing pro­cure­ment con­struc­tion agree­ment with the Dubai Elec­tric­ity and Wa­ter Au­thor­ity (DEWA) for a 700 megawatt so­lar power project, in­dus­try web­site en­er­gy­dig­i­ re­ported on Tues­day.

The project is the fourth phase of the Mo­hamed bin Rashid So­lar Park, the largest thermo-so­lar power plant in the world, which is part of Dubai’s move to adopt clean en­ergy and build a green econ­omy.

In­dus­trial and Com­mer­cial Bank of China has been man­dated as lead ar­ranger for a $1.5 bil­lion se­nior loan to fi­nance the con­struc­tion of the project, Reuters re­ported.

It will pro­vide clean en­ergy to more than 270,000 house­holds in Dubai and elim­i­nate 1.4 mil­lion tons of car­bon emis­sions ev­ery years, DEWA said.

Kam Fung eyes In­car­lopsa stake

China’s Kam Fung Group Co is in talks to ac­quire the bulk of In­car­lopsa, in a deal that would value the Span­ish meat pro­ducer at 1 bil­lion eu­ros ($1.2 bil­lion), peo­ple with knowl­edge of the mat­ter said.

The po­ten­tial deal comes as Chi­nese in­vestors are grad­u­ally re­new­ing their in­ter­est in over­seas ac­qui­si­tions as the Chi­nese gov­ern­ment be­gins to ease tough cur­rency con­trols it in­tro­duced to limit cap­i­tal flight in late 2016.

Kam Fung, a pri­vately held Chi­nese in­vest­ment firm, is look­ing to buy a 95 per­cent stake in In­car­lopsa, which is con­trolled by the Lori­ente Pi­queras fam­ily and has nearly 200 mil­lion eu­ros in debt, said one of the peo­ple.

The fam­ily would keep the re­main­ing shares.

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