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.

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.

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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.