Dubai Electricity and Water Authority (DEWA) has reached financial closure for the 2,400MW Hassyan clean coal power project.
The project consists of four 600MW net power units, scheduled to be operational in March 2020, March 2021, March 2022, and March 2023 respectively.
Total investment of the project is $3.4bn through Hassyan Energy Company, which is a joint-venture between DEWA (51%) and a consortium comprising ACWA Power, Harbin Electric, and the Silk Road Fund (49%).
Last June, DEWA signed the a 25-year Power Purchase Agreement (PPA), Shareholders Agreement (SHA), and other project agreements with the consortium led by ACWA Power.