The Dubai Electricity and Water Authority (DEWA) has reached financial close for the 2,400 MW Hassyan coal-fired power project worth US$3.4bn, that is currently being built at Hassyan in Dubai (United Arab Emirates).
The project, consisting of four 600 MW coal-fired ultra-supercritical units, uses the Independent Power Producer (IPP) procurement model on a Build Own Operate (BOO) basis; the project is developed by DEWA (51%) and a consortium of Saudi power group ACWA Power, Chinese company Harbin Electric, and the Silk Road Fund (49%). Construction started in November 2016 and the four units are expected to be operational in March 2020, March 2021, March 2022, and March 2023 respectively.
In June 2016, DEWA and the consortium signed a 25-year Power Purchase Agreement (PPA). The consortium bid a Levelised Cost of Electricity (LCOE) of US$4.24c/kWh (based on May 2015 coal prices).
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