October 13, 2015 / 9:28 AM / 3 years ago

Consortium plans $1.4 bln loan for Dubai clean coal power plant

DUBAI, Oct 13 (Reuters) - A consortium which is set to build a 1,200 megawatt clean coal power plant in Dubai plans to secure a loan of about $1.4 billion to help finance the project, the chief executive of Saudi Arabia’s ACWA Power said on Tuesday.

Dubai earlier chose a consortium including ACWA, China’s Harbin Electric, Alstom of France and U.S.-based NRG Energy as the preferred bidder to build and operate the first phase of the Hassyan clean coal project.

Paddy Padmanathan told reporters that the total cost of phase one would be $1.8 billion and that the consortium was working with a Chinese export credit agency and a range of banks to obtain the $1.4 billion loan.

The banks include Industrial and Commercial Bank of China , Bank of China, Standard Chartered and Abu Dhabi’s First Gulf Bank, he said.

Dubai state utility Dubai Electricity and Water Authority is to own 51 percent of the venture that will be established to build and operate the power plant. (Reporting by William Arnold; Writing by Andrew Torchia)

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