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Saudi private developer Acwa Power and Chinese state firm Harbin Electric have begun building a 2.4GW coal-fired power plant at Hassyan on the coast south of Dubai city at an expected cost of $3.4bn. Its capacity equates to 33% of current Mena coal-fired capacity.
The plant is being built under an engineering, procurement and construction (EPC) contract by US turbine generator manufacturer GE and Harbin. It will comprise four 600MW phases, with one scheduled to start up each March during 2020-23.
Hassyan 1 is an independent power producer (IPP) project, with Acwa (26.95%) and Harbin (22.05%) holding 49% equity and state utility Dewa 51%. Acwa and Harbin secured a 25-year power purchase agreement with Dewa in June on the basis of a $0.045/kWh price for electricity supply. (CONTINUED - 779 WORDS)
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