7/24/2018
China's Silk Road Fund to Make Investment on ACWA Power's Solar Power Plant
It is announced that China's Silk Road Fund will acquire a 24.01% equity interest in the 700MW DEWA Concentrated Solar Power (“CSP”) project in the United Arab Emirates.
China's Silk Road Fund will be partner to 700 MW solar power plant to be installed at United Arab Emirates (UAE) by ACWA Power, Saudi Arabian ACWA Group’s international and multi-partner energy investor company which also has Kırıkkale Natural Gas Combine Cycle Power Plant in Turkey. In the announcement of company on the subject, it is reported that China's Silk Road Fund will acquire a 24.01% equity interest in the 700MW DEWA Concentrated Solar Power (“CSP”) project in the United Arab Emirates. The DEWA CSP project, which was awarded to an ACWA Power led consortium in 2017, is reportedly the 4th phase of the Mohamed bin Rashid Solar Park, the largest single-site concentrated solar power plant in the world. The Project is projected to deliver electricity at a levelised tariff of US $7.30 cents per kilowatt-hour 24 hours a day; a cost level that competes with fossil fuel generated electricity without subsidy. The plant will support the Dubai Clean Energy strategy 2050 to increase the share of clean energy in Dubai to 25% by 2030. Silk Road Fund is a market-oriented, international and professional medium to long-term development and investment institution. It invests in a broad spectrum of sectors under the framework of the “Belt and Road” initiative including infrastructure, energy resources, industrial capacity cooperation and financial cooperation. As known, negotiations are ongoing with Chinese delegation for Silk Road Fund to extend financing to railway infrastructure proejcts in Turkey.
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