x

Abu Dhabi, UAEMonday 15 October 2018

China's Silk Road Fund is investing in Dubai solar project, Acwa says

Acwa is building the $3.9bn project

CSP is short for concentrated solar project, a type of thermal plant where the sun’s rays are focused on heating a fluid that can be used to turn power turbines.Pawan Singh / The National ) For Business. Story by Andrew. ID No : 14206 *** Local Caption *** PS2003- SOLAR PARK03.jpg
CSP is short for concentrated solar project, a type of thermal plant where the sun’s rays are focused on heating a fluid that can be used to turn power turbines.Pawan Singh / The National ) For Business. Story by Andrew. ID No : 14206 *** Local Caption *** PS2003- SOLAR PARK03.jpg

China’s Silk Road Fund Co is investing in the world’s largest solar thermal plant that’s under development in Dubai, an executive at the company promoting the project said.

The project is being built by Riyadh-based Acwa Power International and Shanghai Electric Group Co Ltd. It’s expected to cost $3.9 billion to build and is planned to have a capacity of 700 megawatts, which is about half of what a nuclear reactor is capable of producing. Silk Road officials were not immediately available for comment.

“They are investing, as one of the shareholders in one of the CSP projects in Dubai,” said Thamer Al Sharhan, managing director at Acwa, in an interview in London.

________________

Read more:

Middle East renewables sector to register 24% CAGR by 2025, says GE

Saudi Arabia's first wind project receives four bids

________________

The financing gives credibility Acwa’s ambitions to build one of the world’s leading solar power plants at what was a record low cost when the project won a contract to supply electricity last year.

Acwa Power won a tender for the project with a bid to sell power at 7.3 cents a kilowatt-hour, which at the time was a record low for solar. It’s expected to be commissioned in several stages starting with the fourth quarter of 2020.

CSP is short for concentrated solar project, a type of thermal plant where the sun’s rays are focused on heating a fluid that can be used to turn power turbines. It’s a solar technology capable of producing power after dark because the fluid involved retains much of its heat for hours after the sun sets. That’s a contrast with photovoltaics, which make a charge

directly from the sun’s energy.