July 23 (Renewables Now) - China’s Silk Road Fund has agreed to buy a 24.01% stake in the 700-MW concentrated solar power (CSP) project in Dubai that will be developed jointly with the Dubai Electricity and Water Authority (DEWA) and ACWA Power.
The Chinese fund will be supporting what represents the fourth phase of the 5-GW Mohammed Bin Rashid Al Maktoum Solar Park project that combines CSP and photovoltaics (PV). The solar thermal power portion of the complex will use a central tower and parabolic trough technologies.
A consortium led by ACWA Power won the tender to build the 700-MW CSP plant in September 2017 with a bid of USD 0.073 (EUR 0.062) per kWh.
Earlier this month, ACWA Power attracted a direct investment from the Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, which now has a 24.98% direct and indirect equity interest in the power and water infrastructure company.
(USD 1.0 = EUR 0.852)