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Dubai Electricity and Water Authority (DEWA) in September awarded the contract to build the 700-megawatt (MW) project in Dubai costing $3.87 billion to ACWA Power and China’s Shanghai Electric.

DUBAI: Industrial and Commercial Bank of China has been mandated as lead arranger for a $1.5 billion senior loan to finance the construction of a Dubai thermo-solar power project, ACWA Power, one of the companies involved in the project said.

Dubai Electricity and Water Authority (DEWA) in September awarded the contract to build the 700-megawatt (MW) project in Dubai costing $3.87 billion to ACWA Power and China’s Shanghai Electric.

The world’s largest thermo-solar power plant is part of Dubai’s move to adopt clean energy and build a green economy.