Saudi Arabian energy company ACWA Power has signed an engineering, procurement and construction (EPC) agreement with Shanghai Electric Generation (SEGC) for Dubai Electricity and Water Authority’s (DEWA’s) 700MW concentrated solar power (CSP) project.

The project is said to be part of the fourth phase of the Mohamed bin Rashid Solar Park (MBRSP), which is said to be the largest thermosolar power plant in the world.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Built with an investment of AED14.2bn ($3.87bn), DEWA’s CSP project will feature a combination of a tower and parabolic troughs, which has been designed to collect heat and store it in molten salt to supply electricity on demand.

DEWA CEO Saeed Mohammed Al Tayer said: “I am pleased to be here in Shanghai to attend the signing of the engineering, procurement and construction agreement for the completion of the fourth phase of the Mohammed Bin Rashid Al Maktoum Solar Energy Complex.

“We are confident that signing the EPC agreement with Shanghai Electric will secure the delivery of required work at the highest standards.”

“This agreement builds on the strong ties between our two countries, which were formed by our common values and the commercial and economic interests that unite us.”

With a height of 260m, the tower built at the site is reported to be the tallest CSP tower in the world.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

ACWA Power president and CEO Paddy Padmanathan said: “Thanks to the Dubai Electricity and Water Authority, this project proves the success and effectiveness of implementing projects based on a public-private partnership model.

“We are confident that signing the EPC agreement with Shanghai Electric will secure the delivery of required work at the highest standards.”

The project is currently in the process of concluding the financing package, where Bank of China, ICBC and Agricultural Bank of China will be one of the major financers for the project by providing almost 80% of senior debt.

The fourth phase of the MBRSP is expected to save 2.4 million tonnes of carbon and half a million tonnes of natural gas a year, thereby eliminating the need to import this gas by substituting it with clean and renewable energy.