Harbin Electric and ACWA Power are in consultation with various lenders in a bid to raise $1.4bn for a 1200 MW clean coal-fired power plant in Dubai by the end of Q2.
Hassyan clean coal project
The consortium aims are in talks about the club loan with Chinese-state owned credit agency Export-Import Bank of China and lenders including Industrial and Commercial Bank of China , Bank of China, Standard Chartered , Abu Dhabi’s First Gulf Bank (FGB) and Saudi Arabia’s Samba Financial Group, sources told Reuters.

The plant is the first phase of the $1.8 billion Hassyan clean coal project which is being developed by Dubai Electricity and Water Authority (DEWA). One unit of 600 MW is due to be operating by March 2020 and another a year later.

DEWA will be the major stakeholder, with a 51 percent share in the company established to build and operate the plant, while a large part of the cost will be financed by the consortium.