ACWA Power signs MoU with three overseas entities for Dubai renewable project

ACWA Power signed a memorandum of understanding (MoU) with the Industrial and Commercial Bank of China Limited (ICBC), Shanghai Electric Group Co. Ltd (SEGC), and Spanish company Abengoa for the 950 megawatt Noor Energy 1 Plant in Dubai, the Saudi Arabian energy company said in a statement on Thursday.

ACWA Power is lead developer on the Noor Energy 1 plant, which is the largest renewable energy project in the world, while ICBC plays its role as an international lender.

“We are proud to be the catalysts for this collaboration on a global scale in this instance, focused at accelerating the decarbonization of power generation by enabling the reliable delivery of solar power day and night,” Paddy Padmanathan, chief executive officer of ACWA Power, said.

“We 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,” he added. 

Earlier this year, ACWA Power had signed an engineering, procurement and construction (EPC) agreement with SEGC and Abengoa as one of the main technology providers and key subcontractors for the plant.