ACWA Power signed an Engineering, Procurement and Construction (EPC) agreement with Shanghai Electric Generation Group (SEGC) for the DEWA (Dubai Electricity and Water Authority) 700 MW CSP project in Dubai. According to the company, the agreement »pushes forward the development of the project,« which represents an AED 14.2 billion ($3.87 billion) investment. The project, which comes with a tariff of ¢7.3 per kW/h, will feature a combination of a tower and parabolic troughs, which will collect heat and store it in molten salt to supply electricity on demand during the day and through the night. The plant will use two technologies for the production of clean energy: the 600 MW parabolic basin complex and the 100 MW solar tower over a total area of 43 square kilometers.
As reported, Vice President and Prime Minister of the UAE and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum broke ground on the 700 MW fourth phase of the »Mohammed bin Rashid Al Maktoum Solar Park« in March.
ACWA Power is owned by eight Saudi conglomerates, Sanabil Direct Investment Company (owned by the Public Investment Fund of Saudi Arabia), the Saudi Public Pensions Agency and the International Finance Corporation (a member of the World Bank Group).
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