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ACWA Power to raise over $2 billion for Dubai solar project

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The loan will be provided by a consortium of banks including Bank of China, Industrial and Commercial Bank of China as well as Agricultural Bank of China, StanChart and Union National Bank.

Thursday 10, January 2019 BY KUDAKWASHE MUZORIWA

Saudi Arabia’s ACWA Power is leading a consortium which is expected to conclude financing of more than $2 billion for a 950 megawatt (MW) concentrated solar power project in Dubai, reported Reuters.

The loan will back the development of Noor Energy 1, a $4.3 billion project expected to be the largest single-site concentrated solar power plant in the world.

Noor Energy 1 is the fourth phase of Mohammed bin Rashid Solar Park in Dubai, a project that aims to reach a capacity of 5,000 MW by 2030.

The project is jointly owned by ACWA Power, China’s Silk Road Fund and the Dubai Electricity and Water Authority (DEWA), Shanghai Electric has been hired as engineering, procurement and construction contractor.

TAGS : ACWA Power, Mohammed bin Rashid Solar Park, DEWA, Noor Energy 1 , Bank of China, Industrial and Commercial Bank of China , Union National Bank, StanChart

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