ACWA Power Secures Significant Investment from Silk Road Fund
ACWA Power, a leading developer, owner, and operator of power generation and water desalination plants, is delighted to announce that China’s Silk Road Fund will acquire a 24.01% equity interest in the 700MW DEWA Concentrated Solar Power (“CSP”) project in the United Arab Emirates.
In the presence of Chinese President Xi Jinping, the Vice President and Prime Minister of the United Arab Emirates (UAE), Sheikh Mohammed bin Rashid Al Maktoum, and the Crown Prince of Abu Dhabi, Sheikh Mohammed bin Zayed Al Nahyan, His Excellency Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA), and Yanzhi Wang, President of the Silk Road Fund exchanged the executed investment agreements in respect of DEWA Concentrated Solar Power Project (DEWA CSP Project) which will be jointly invested and developed by DEWA, Silk Road Fund, and ACWA Power.
The DEWA CSP project, which was awarded to an ACWA Power led consortium in 2017, is the 4th phase of the Mohamed bin Rashid Solar Park, the largest single-site concentrated solar power plant in the world. The project uses a state-of-the-art combination of a central tower and parabolic trough technologies to collect energy from the sun, store it in molten salt and produce steam as required to generate electricity during the day and throughout the night.
The project is projected to deliver electricity at a levelised tariff of US $7.30 cents per kilowatt-hour 24 hours a day; a cost level that competes with fossil fuel generated electricity without subsidy for reliable and dispatchable solar energy around the clock.. The plant will support the Dubai Clean Energy strategy 2050 to increase the share of clean energy in Dubai to 25% by 2030, and is expected to provide anannual saving of 2.4 Million tons of CO2.
Silk Road Fund is a market-oriented, international and professional medium to long-term development and investment institution. It invests in a broad spectrum of sectors under the framework of the “Belt and Road” initiative including infrastructure, energy resources, industrial capacity cooperation and financial cooperation.