Acwa Power signs agreement in collaboration with three other companies for the project
Acwa Power is partnering with three other companies to build the largest renewable energy project in the world, the 950MW Noor Energy 1 plant in Dubai.
The three other companies involved in the partnership are Industrial and Commercial Bank of China Limited (ICBC), Shanghai Electric Group Co., Ltd (SEGC) and Spanish company Abengoa.
The agreement was signed at the official residence of the President of Government of Spain in the presence of Chinese President Xi Jinping, during his official visit to Spain, and the Spanish Prime Minister, Pedro Sanchez. Other executives present at the signing ceremony were Paddy Padmanathan, the president and chief executive of ACWA Power; Yi Huiman, the chairman of ICBC; Huang Ou, the chief executive of SEGC and Gonzalo Urquijo, the executive chairman of Abengoa.
Commenting at the signing ceremony, Paddy Padmanathan, CEO of Acwa Power, said: “We are proud to be the catalysts for this collaboration on a global scale. In this instance [we are] focused at accelerating the decarbonisation of power generation by enabling the reliable delivery of solar power day and night.”
“(We also) 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.”
Padmanathan also said that, once completed the plant will deliver electricity day and night which is generated entirely by solar energy at a competitive cost. He added that being able to do this, in yet another country such as the UAE is proof of the immense value that can be created by collaboration rather than isolation, and reflects the spirit of the belt and road strategy that is being implemented by China under President Xi’s leadership.
As per the deal, Acwa Power is lead developer on the project, while ICBC has established its role as an international lender for Noor Energy 1. Acwa Power had also signed an engineering, procurement and construction (EPC) agreement with SEGC, while Abengoa was enlisted as one of the main technology providers and key subcontractors for the plant.