ICBC lead arranger to finance Dubai's solar power project
Industrial and Commercial Bank of China (ICBC) has been mandated as lead arranger for a USD1.5bn senior loan to finance the construction of a Dubai thermo-solar power project, ACWA Power, one of the companies involved in the project said. Dubai Electricity and Water Authority (DEWA) in September awarded the contract to build the 700-megawatt (MW) project in Dubai costing USD3.87bn to ACWA Power and China’s Shanghai Electric. The world’s largest thermo-solar power plant is part of Dubai’s move to adopt clean energy and build a green economy.
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