DEWA and ACWA Power, in collaboration with Shanghai Electric, have agreed to undertake the 700 MW thermo-CSP project in Dubai, part of the largest thermo-solar power plant in the world. Once operational, the US$3,786 million project will deliver electricity at a levelised tariff of US$7.30 cents per kilowatt-hour (KWh) – cost-competitive with fossil fuel-generated electricity without subsidy. Debt financing for the project is nearly completed, with ICBC acting as lead arranger.
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