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Dubai awards $3.9 billion solar energy contract to Shanghai Electric, ACWA Power

Reuters  |  DUBAI 

(Reuters) - Dubai's state energy utility awarded a $3.9 billion contract to build and run a 700 megawatt power plant to a consortium comprising Electric and Saudi Arabia's ACWA Power, the said on Saturday.

The project will feature a 260-metre (850-foot) tower receiving focused sunlight, the world's tallest such tower, the said. The consortium bid to supply electricity to 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 Park, a vast complex which is projected to generate 1,000MW by 2020 and 5,000MW by 2030.

The aims to use the park and other energy sources to increase the share of clean energy in Dubai's power output to 7 percent by 2020, 25 percent by 2030 and 75 percent by 2050.

(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.)

First Published: Sat, September 16 2017. 21:10 IST