ACWA Power has partnered with the Industrial and Commercial Bank of China Limited (ICBC), Shanghai Electric Group Co., Ltd (SEGC), and Spanish company Abengoa to play a key role in the largest renewable energy project in the world.

Top executives from the four entities entered an agreement to work together on the Noor Energy 1 Plant in Dubai, engage in knowledge-sharing and to collectively pursue future opportunities.

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

Earlier this year ACWA Power signed an Engineering, Procurement and Construction (EPC) agreement with Shanghai Electric Group Co., Ltd (SEGC), while Abengoa is one of the main technology providers and key subcontractors for the plant.

Earlier this year ACWA Power signed an Engineering, Procurement and Construction (EPC) agreement with Shanghai Electric Group Co., Ltd (SEGC), Abengoa is one of the main technology providers and key subcontractors for the plant.

Paddy Padmanathan, chief executive officer of ACWA Power, said: “We are proud to be the catalysts for this collaboration on a global scale in this instance focused at accelerating the decarbonisation of power generation by enabling the reliable delivery of solar power day and night and look forward to working with these entities within the framework of this cooperation agreement to identify and execute meaningful market opportunities that will allow us to continue to reliably deliver electricity and desalinated water at the lowest cost.” 

The DEWA IV IPP project, which was awarded to an ACWA Power led consortium in 2017, is the fourth phase of the Mohamed bin Rashid Solar Park, the largest single-site concentrated solar power plant in the world. 

The project, initially expected to deliver 700 MW 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; a cost level that competes with fossil fuel generated electricity without subsidy for reliable and dispatchable solar energy around the clock. 

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 2.4 million tons of CO2.