China’s Silk Road Fund to invest in Dubai solar project

China’s Silk Road Fund has acquire a 24.01% equity interest in the 700MW DEWA concentrated solar power (CSP) project in Dubai.

The DEWA CSP project, which was awarded to an ACWA Power led consortium  is the 4th phase of the Mohamed bin Rashid Solar Park, the largest single-site concentrated solar power plant in the world.

The project uses a state-of-the-art combination of a central tower and parabolic trough technologies to collect energy from the sun, store it in molten salt and produce steam as required to generate electricity during the day and throughout the night.

The project is projected to deliver electricity at a tariff of US $7.30 cents per kilowatt-hour 24 hours a day – a cost level that competes with fossil fuel generated electricity without subsidy for reliable and dispatchable solar energy around the clock.

The agreement will see the project jointly invested and developed by DEWA, Silk Road Fund, and ACWA Power.