EPC deal inked for Dubai Power Project

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EPC deal inked for Dubai Power Project

Hassyan Energy Company, a joint venture between Dubai Electricity & Water Authority (DEWA) (51%) and ACWA Power Harbin Holding Company (49%), has signed the EPC agreement with both Harbin Electric International and General Electric (GE) for the Hassyan Energy Phase 1 P.S.C.

The EPC agreement pushes forward the development of the project, which will produce 2,400 MW of net electricity using clean coal, and works towards achieving the objectives outlined in Dubai’s CleanEnergy Strategy 2050, in particular the fifth pillar, which prioritizes environmentally friendly energy according to the following percentages: 25% solar energy, 7% nuclear energy, 7% clean coal, and 61% natural gas by 2030. The first unit is expected to be operational by March 2020 – before Expo 2020 in Dubai.

Hassyan Clean Coal IPP is the first clean coal power plant in the Middle East. The ultra-supercritical plant will deliver best in class performance on efficiency, output and adherence to global environmental best practices.

Commenting on the signing, H.E Saeed Al Tayer, MD and CEO of DEWA said: “The project reflects our commitment to following through on the vision of his HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, to diversify the energy mix and develop our country’s resources, in our bid to achieve Dubai’s Clean Energy Strategy 2050, which considers the production of electricity through the use of clean coal a key component. Hassyan will utilize the latest global clean coal technologies, such as the ultra-supercritical technology, and the latest environmental standards. Hassyan Clean Coal IPP will also be implemented under a BOO model.”

Commenting on the agreement, Mr. Mohammed Abunayyan, Chairman of ACWA Power, said: “By signing this agreement today, we have taken a significant step towards starting the engineering and construction works as per the stated timeframe for the first plant of generating electricity with clean coal in the Gulf region within our strategic businesses and projects in the UAE. We are committed to supporting, with all our best-in-class expertise, capabilities and technologies, Dubai’s Clean Energy Strategy 2050. I am fully confident that signing the EPC agreement with Harbin Electric International and General Electric (GE) will secure the delivery of the required works efficiently and with high quality results.”

Importantly, the Hassyan plant will operate in compliance with aggressive emissions and environmental international standards. To help further guarantee compliance, the power plant will meet the limits set for flue gas emissions which are stricter than the emission limits in the Industrial Emissions Directive (IED) of the European Union and in the International Finance Corporation (IFC) guidelines.

The signing of the EPC agreement follows the close of the 25-year Power Purchase Agreement (PPA) between DEWA and ACWA Power for the development of phase one of the project.

Phase 1 of the project consists of four units of 600 MW net power each, which will respectively be operational in March 2020, March 2021, March 2022 and March 2023.

Source: www.acwapower.com

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.