Shang­hai Elec­tric’s Dubai con­tract

Global Times - - Biz Overview -

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 en­er­gy­dig­i­tal.com 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.

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