Dubai Electricity and Water Authority (DEWA) has reached financial closure for the 2,400MW Hassyan clean coal power project. The project uses the Independent Power Producer (IPP) procurement model on a Build Own Operate (BOO) basis and is supported by a 25-year Power Purchase Agreement (PPA) with DEWA. Last June, DEWA signed the PPA, Shareholders Agreement (SHA), and other project agreements with the consortium led by ACWA Power. Total investment of the project is USD 3.4 billion 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%). The project consists of four 600MW net power units. They will be operational in March 2020, March 2021, March 2022, and March 2023 respectively.

The Hassyan clean coal power plant will be the first-of-its-kind in the region and is fully-compliant with set international standards, adopting the use of ultra-supercritical technology. DEWA has instructed that the project meets flue gas emission limits more stringently than emission limits in the Industrial Emissions Directive (IED) of the European Union and in the International Finance Corporation (IFC) Guidelines. All the necessary environmental studies have been carried out.