Financial close expected for H2 2016 for Dubai IPP
Acwa Power and Harbin Electric have plans to achieve financial closure for the 1,200 MW Hassyan clean coal power project in Dubai by the second half of 2017.
According to sources, the companies are in negotiations with Chinese-state owned credit agency Export-Import Bank of China, Industrial and Commercial Bank of China, Bank of China, Standard Chartered, Abu Dhabi’s First Gulf Bank (FGB) and Saudi lender Samba Financial Group. Project financing is expected to be over US$2 billion.
Acwa and Harbin had agreed with Dubai Electricity & Water Authority (DEWA) to double the size of the project from 1200 MW to 2400 MW, combining the first and the second 1200 MW phases. DEWA also plans to carry out an additional phase for a total capacity of 3600 MW.
The plant, located in Saih Shuaib on the border between Dubai and Abu Dhabi, also includes integrated transshipment coal and dry bulk handling facilities.
In October 2015 DEWA and China's Silk Road Fund signed a Memorandum of Understanding (MoU) in Riyadh to jointly develop and invest in power projects in the United Arab Emirates, Egypt, and the region. The MoU included the Hassyan clean coal power plant project.
According to the terms of the MoU, ACWA Power would agree to pursue the successful implementation and development of projects, and Silk Road Fund will agree to make equity investments in the projects, and provide the necessary debt financing.
Country news
-
-
April 08, 2016
UAE’s FEWA seeks interest for desalination and power plant through PPP
UAE’s Federal Electricity and Water Authority (FEWA) has received expressions of interest (EOI) to develop the Sea Water Reverse Osmosis (SWRO) desalination independent water PPP project located in the Emirate of Umm Al Quwain. Read more -
March 22, 2016
ADWEA launches RFQ for 350 MW solar project
Abu Dhabi Water & Electricity Company, a subsidiary of Abu Dhabi Water & Electricity Authority (ADWEA), has released the highly anticipated Request for Qualification (RFQ) document, to a select solar energy development companies, for the upcoming 350 MW solar photovoltaic (PV) park to be set up in the township of Sweihan, Abu Dhabi. Read more -
March 09, 2016
ADWEA selects advisors for 350 MW solar project in Abu Dhabi
The Abu Dhabi Water and Electricity Authority (ADWEA) has selected the financial, legal and technical consultants for its 350-MW solar project in Sweihan, about 120 kilometres east of Abu Dhabi. Read more -
February 09, 2016
Abengoa sells its shares of solar thermal power plant Shams-1
Abengoa has sold to Masdar its share of Shams-1, the 100 MW solar thermal power plant developed by the Company in Abu Dhabi (United Arab Emirates). Read more -
February 02, 2016
Dubai seeks consultants for US$27B Dubai Green Fund
Dubai Electricity and Water Authority (DEWA) has issued a Request for Proposals (RFP) for consultants to develop the strategy, structure and execution plan and the governance framework for the AED 100 billion (US$27.2) Dubai Green Fund. Read more
