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The China Silk Road Fund will acquire a 24.
01% stake in the world's largest single-station solar thermal power plant, which is under construction
in the UAE.
Saudi Arabia's ACWA Power said in a statement that the 700-megawatt project will be developed
with the Dubai Electricity and Water Authority and Saudi Arabia's ACWA Power Barka SAOG.
The plant will combine central tower and parabolic tank technology to harvest energy from the sun, store it in molten salt and produce steam to generate electricity
during the day and throughout the night.
According to the statement, the project is part of an effort to increase Dubai's share of clean energy to 25% by 2030, with an estimated annual savings of 2.
4 million tonnes of CO2 emissions
.
ACWA said the plant expects to be able to deliver electricity 24 hours a day at an average price of 7.
3 cents per kilowatt-hour, which could compete
with fossil-fuel power generation without subsidies.
Silk Road Fund is a market-oriented, international, professional medium and long-term development and investment institution
.
It invests in a wide range of sectors under the framework of the Belt and Road Initiative, including infrastructure, energy resources, industrial cooperation and financial cooperation
.
Paddy Padmanathan, CEO of ACWA Power, said: "Bringing new investors into the Dewa CSP project is absolutely in line with the company's established strategy of sharing investments with value-added partners who will support our projects
.
We could not find a more capable partner than the Silk Road Fund to complement the world's largest single solar thermal power plant project
today.
”
Paddy Padmanathan said, "This co-investment is also in line with our investment strategy of efficiently deploying our own capital to retain a meaningful level of equity in each project that is sufficient for us to become long-term investors in de facto control of the investment and allow us to continue to focus on delivering electricity and desalinated water
reliably at low cost.
" ”
The China Silk Road Fund will acquire a 24.
01% stake in the world's largest single-station solar thermal power plant, which is under construction
in the UAE.
Saudi Arabia's ACWA Power said in a statement that the 700-megawatt project will be developed
with the Dubai Electricity and Water Authority and Saudi Arabia's ACWA Power Barka SAOG.
The plant will combine central tower and parabolic tank technology to harvest energy from the sun, store it in molten salt and produce steam to generate electricity
during the day and throughout the night.
According to the statement, the project is part of an effort to increase Dubai's share of clean energy to 25% by 2030, with an estimated annual savings of 2.
4 million tonnes of CO2 emissions
.
ACWA said the plant expects to be able to deliver electricity 24 hours a day at an average price of 7.
3 cents per kilowatt-hour, which could compete
with fossil-fuel power generation without subsidies.
Silk Road Fund is a market-oriented, international, professional medium and long-term development and investment institution
.
It invests in a wide range of sectors under the framework of the Belt and Road Initiative, including infrastructure, energy resources, industrial cooperation and financial cooperation
.
Paddy Padmanathan, CEO of ACWA Power, said: "Bringing new investors into the Dewa CSP project is absolutely in line with the company's established strategy of sharing investments with value-added partners who will support our projects
.
We could not find a more capable partner than the Silk Road Fund to complement the world's largest single solar thermal power plant project
today.
”
Paddy Padmanathan said, "This co-investment is also in line with our investment strategy of efficiently deploying our own capital to retain a meaningful level of equity in each project that is sufficient for us to become long-term investors in de facto control of the investment and allow us to continue to focus on delivering electricity and desalinated water
reliably at low cost.
" ”
