Cooperation agreement signed for Dubai’s Noor 1 project

ACWA 33The partnership agreement is in line with Dubai Clean Energy Strategy 2050. (Image source: ACWA Power)ACWA Power has partnered with the Industrial and Commercial Bank of China Limited (ICBC), Shanghai Electric Group Co, Ltd (SEGC) and Spanish company Abengoa for the 950MW Noor Energy 1 Plant in Dubai, which is one of the largest renewable energy projects in the world

ACWA Power is lead developer on the project while ICBC has established its role as an international lender for Noor Energy 1.

Paddy Padmanathan, CEO of ACWA Power, said that the cooperation agreement aims to identify and execute meaningful market opportunities that will allow to reliably delivering electricity and desalinated water at the lowest cost.

The DEWA IV IPP project is the fourth phase of the Mohamed bin Rashid Solar Park, the largest single-site concentrated solar power plant in the world. The project, which initially expected to deliver 700MW of energy, will use a state-of-the-art combination of the world’s tallest 260-meter-high solar tower that will generate 100MW, three stations of parabolic trough concentrated solar power (CSP) each producing 200MW and 250MW generated from photovoltaic panels to yield a total capacity output of 950MW.

The project is projected to deliver electricity at a levelised tariff of US$7.323 cents per kilowatt-hour 24 hours a day. The plant will support the Dubai Clean Energy strategy 2050 to increase the share of clean energy in Dubai to 25 per cent by 2030 and is expected to provide an annual saving of 2.4mn tonnes of CO2.

According to ACWA Power, the project is in line with ICBC’s concept of green credit. ICBC is committed to the long-term development of green credit and will continuously follow international standards and practices in overseas projects, at the same time helping customers to effectively manage environmental and social risks when serving overseas investment in future.

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