China’s Silk Road Fund has acquired a 24.01% equity interest in the 700MW fourth phase of the Mohammed bin Rashid Al Maktoum solar complex in Dubai.
The fund joins Saudi outfit ACWA Power and the Dubai Electricity and Water Authority as an investor and developers of the concentrated solar farm.
The project will combine a central tower and parabolic trough to collect energy from the sun, store it in molten salt and produce steam as required to generate electricity during the day and the night, ACWA Power said.
It will support the Dubai Clean Energy strategy 2050 to increase the share of renewables in the Emirate to 25% by 2030.
Consultancy Advisian was appointed as owner’s engineer for the project earlier this month.
Silk Road Fund invests in a variety of sectors under the framework of China’s ‘belt and road’ initiative including infrastructure, energy resources, industrial capacity cooperation and financial cooperation.
ACWA Power chief executive Paddy Padmanathan said: “The introduction of a new investor into the DEWA CSP is absolutely in line with ACWA Power’s established strategy of sharing investments with value adding partners who will in turn bolster our projects.”
The first 13MW photovoltaic phase of the Mohammed bin Rashid Al Maktoum complex has been operational since 2013, with the second 200MW PV stage coming online in March 2017.
In May, the first 200MW of the 800MW third phase became operational. A further two 300MW phases are due online in 2019 and 2020.
Image: impression of the concentrated solar park (Advisian/WorleyParsons)
Dubai giant attracts Chinese interest
By EBS