Riyadh – Mubasher: ACWA Power on Sunday said that the China-based Silk Road Fund will acquire a 24.01% stake in Dubai Electricity and Water Authority’s (DEWA) Concentrated Solar Power (CSP) project in the UAE during the coming period.
Under the deals signed between the three parties, ACWA Power, DEWA, and the Chinese fund will participate in developing the project.
The plant will contribute to supporting the Dubai Clean Energy strategy 2050, which aims to raise clean energy in Dubai to 25% by 2030, Saudi-based ACWA Power said in a statement.
“The introduction of a new investor into the DEWA CSP is absolutely in line with ACWA Power’s established strategy of sharing investments with value adding partners who will in turn bolster our projects,” the Saudi firm’s CEO Paddy Padmanathan stated.
With its 700-megawatt (MW) capacity, the CSP project, which is expected to provide electricity at 7.30 cents per kilowatt, is considered the largest CSP plant in the world.
As a market-oriented, international medium to long-term development and investment institution, the Silk Road Fund invests in various sectors, including financial cooperation, industrial capacity cooperation, energy resources, and infrastructure sectors, as part of the “Belt and Road” initiative.
“This investment is a testimony to the strong track record ACWA Power has already demonstrated as a reliable and responsible project developer and operator,” said Rajit Nanda, chief investment officer at ACWA Power.
