Mohammed bin Rashid Al Maktoum Solar Park in Dubai is home to the world's largest solar power project with a capacity of 700 megawatts and to be built at a cost of Dh14.2 billion. Dubai Media Office
Mohammed bin Rashid Al Maktoum Solar Park in Dubai is home to the world's largest solar power project with a capacity of 700 megawatts and to be built at a cost of Dh14.2 billion. Dubai Media Office
Mohammed bin Rashid Al Maktoum Solar Park in Dubai is home to the world's largest solar power project with a capacity of 700 megawatts and to be built at a cost of Dh14.2 billion. Dubai Media Office
Mohammed bin Rashid Al Maktoum Solar Park in Dubai is home to the world's largest solar power project with a capacity of 700 megawatts and to be built at a cost of Dh14.2 billion. Dubai Media Office

Acwa Power sees Dubai CSP financial closure in early 2018


Jennifer Gnana
  • English
  • Arabic

Saudi-based utilities developer Acwa Power will reach financial closure on the world’s largest single-site concentrated solar power (CSP) project, currently underway in Dubai, by the first quarter of 2018, its chief executive said on Monday.

"We're very confident of achieving financial closure on target for the Dubai plant in the first quarter; the minute the financing closes, and it goes into construction, people realise it's real and it creates yet another buzz around it," Paddy Padmanathan told The National in an interview in Abu Dhabi.

In September, Acwa Power, in consortium with China's Shanghai Power, was selected by the Dubai Electricity and Water Authority (Dewa) to build a 700 megawatt (MW) extension to the Mohammed bin Rashid Al Maktoum Solar Complex in Dubai, after submitting one of the lowest tariffs for a CSP project at 7.3 US cents per kilowatt-hour. The project is valued at Dh14.2 billion.

Mr Padmanathan says the company plans to gradually expand its international business into new geographies, lessening its reliance on the Saudi market.

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Read more:

Concentrated solar power projects to accelerate in the Mena region: BMI report

Saudi Acwa plans $4bn renewables splurge next year

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The company is a key participant in Saudi Arabia's plans to increase the scope of renewable energy, namely wind and solar, to generate up to 9,500MW of electricity in the kingdom by 2030. The developer wants to bid for the kingdom's first renewable power projects, namely a 300MW solar power plant and a 400MW wind project.

"We're an international company, half our investments are in Saudi Arabia and the other half outside and we'll continue to keep it that way," he said. "Ultimately, our objective is 60:40. Forty [per cent in Saudi Arabia] and 60 per cent elsewhere. We're in Vietnam, South Africa, Morocco, and we'll continue to grow geographically as well.

As part of its capex spend, Acwa Power is set to invest around US$4bn on renewable energy projects in Dubai, Jordan, Egypt and Morocco next year, with 80 per cent of the cost to come from debt and the rest from equity.

Acwa Power announced on Monday it had been awarded a build-own-operate contract for the development of the Salalah Independent Water Project by the Oman Power and Water Procurement Company, as part of a consortium with Veolia and Didic.

Mr Padmanathan confirmed the company's intention to list in Saudi Arabia and an international exchange in the coming year.

"We'll be looking at filing in 2018 and beyond that it’s up to the regulators, but our expectation is to move on now," he said.

"Everybody talks about listing. You need to be responsible. You need to make sure you have stable dividends coming through and we're now as a company at a stage where we've got adequate enough operating portfolio that can generate that dividend stream and we're now ready to bring the public in to become shareholders, and 2018 is our target."

The Riyadh-headquartered firm is owned by a group of private Saudi holding companies as well as the Sanabil Direct Investment Company, which is in turn held by the state-owned Public Investment Fund.

MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

Western Region Asia Cup T20 Qualifier

Sun Feb 23 – Thu Feb 27, Al Amerat, Oman

The two finalists advance to the Asia qualifier in Malaysia in August

 

Group A

Bahrain, Maldives, Oman, Qatar

Group B

UAE, Iran, Kuwait, Saudi Arabia

 

UAE group fixtures

Sunday Feb 23, 9.30am, v Iran

Monday Feb 25, 1pm, v Kuwait

Tuesday Feb 26, 9.30am, v Saudi

 

UAE squad

Ahmed Raza, Rohan Mustafa, Alishan Sharafu, Ansh Tandon, Vriitya Aravind, Junaid Siddique, Waheed Ahmed, Karthik Meiyappan, Basil Hameed, Mohammed Usman, Mohammed Ayaz, Zahoor Khan, Chirag Suri, Sultan Ahmed

TEACHERS' PAY - WHAT YOU NEED TO KNOW

Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:

- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools

- average salary across curriculums and skill levels is about Dh10,000, recruiters say

- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance

- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs

- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills

- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month

- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues

The schedule

December 5 - 23: Shooting competition, Al Dhafra Shooting Club

December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq

December 11 - 20: Dates competition, from 4pm

December 12 - 20: Sour milk competition

December 13: Falcon beauty competition

December 14 and 20: Saluki races

December 15: Arabian horse races, from 4pm

December 16 - 19: Falconry competition

December 18: Camel milk competition, from 7.30 - 9.30 am

December 20 and 21: Sheep beauty competition, from 10am

December 22: The best herd of 30 camels

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5