ALSO READSaudi-Qatar fallout: Emirates to suspend flights to, from Doha Dubai harvests desert sun at vast solar plant Saudi, UAE agree extension of oil cuts may be considered -statement FIR registered against Dubai employer for abduction Dubai introduces crowdfunding rules in boost for small businesses
DUBAI (Reuters) - Dubai's state energy utility awarded a $3.9 billion contract to build and run a 700 megawatt solar power plant to a consortium comprising Shanghai Electric and Saudi Arabia's ACWA Power, the government said on Saturday.
The project will feature a 260-metre (850-foot) tower receiving focused sunlight, the world's tallest such tower, the government said. The consortium bid to supply electricity to Dubai for 7.3 U.S. cents per kilowatt hour.
The first stage of the project is due to be commissioned in late 2020. It is part of the Mohammed bin Rashid al-Maktoum Solar Park, a vast complex which is projected to generate 1,000MW by 2020 and 5,000MW by 2030.
(Reporting by Andrew Torchia; Editing by Robin Pomeroy)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)