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 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.