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 executive 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, Alstom and NRG Energy as the preferred bidder to build and operate the first phase.