ACWA Power, a leading developer, owner, and operator of power generation and water desalination plants, has announced that China’s Silk Road Fund will acquire a 24.01 percent equity interest in the 700MW DEWA Concentrated Solar Power (CSP) project in the UAE. In the presence of Chinese President Xi Jinping, Vice President and Prime Minister of the UAE, Sheikh Mohammed bin Rashid Al-Maktoum, and the crown prince of Abu Dhabi, Sheikh Mohammed bin Zayed Al-Nahyan, Saeed Mohammed Al-Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), and Yanzhi Wang, president of the Silk Road Fund, exchanged the executed investment agreements concerning the DEWA Concentrated Solar Power Project (DEWA CSP Project), which will be jointly invested and developed by DEWA, the Silk Road Fund, and ACWA Power. The DEWA CSP project, which was awarded to an ACWA Power led consortium in 2017, is the 4th phase of the Mohamed bin Rashid Solar Park, the largest single-site concentrated solar power plant in the world. The project uses a state-of-the-art combination of a central tower and parabolic trough technologies to collect energy from the sun, store it in molten salt and produce steam as required to generate electricity during the day and throughout the night. The project is projected to deliver electricity at a levelized tariff of $7.30 cents per kilowatt-hour 24 hours a day; a cost level that competes with fossil fuel generated electricity without subsidy for reliable and dispatchable solar energy around the clock.