Dubai skyline

A consortium which is set to build a 1,200 MW clean coal-fired power plant in Dubai plans to secure a loan of about $1.4bn to help finance the project, the chief execuDubai skylinetive of Saudi Arabia’s ACWA Power said on Tuesday.

Paddy Padmanathan told reporters that the total cost of phase one would be $1.8bn and that the consortium was working with a Chinese export credit agency and a range of banks to obtain the $1.4 billion loan for the Hassyan clean coal project.

Dubai earlier chose a consortium including ACWA, China’s Harbin Electric, AlstomĀ  and NRG Energy as the preferred bidder to build and operate the first phase.