The Silk Road Fund exchanged final investment agreements with Dubai Electricity and Water Authority (Dewa) for the Dewa Concentrated Solar Power Project on July 20.

The document was signed in the presence of Chinese President Xi Jinping, the Vice President and Prime Minister of the United Arab Emirates (UAE), Sheikh Mohammed bin Rashid Al Maktoum, and the Crown Prince of Abu Dhabi, Sheikh Mohammed bin Zayed Al Nahyan.

The project will be jointly invested and developed by Silk Road Fund, DEWA and International Company for Water and Power Projects of Saudi Arabia (ACWA Power).

Located in Mohammed bin Rashid Al Maktoum Solar Park, the 700MW DEWA CSP Project is the largest concentrated solar power plant in the world and an important component of Dubai Clean Energy Strategy. Silk Road Fund invests in the project as an equity investor. The

EPC contractor of the project is Shanghai Electric Generation Group.

A statement from the Silk Road Fund said that its investment helps to align the Belt and Road Initiative with the energy development strategy of the UAE, deepen the two countries' cooperation under Belt and Road framework, and facilitate the transforming and upgrading of Chinese electric power companies as well as the expansion of their global presence.

Dewa was formed in 1992 through a merger of Dubai Electricity Company and Dubai Water Department. Dewa is the sole supplier of electricity and water in Dubai. It is wholly owned by the Dubai Government and its tariffs are regulated by the Dubai Government. DEWA provides electricity to over 600,000 customers and water to over 500,000 customers in Dubai.

Acwa Power is jointly owned by Saudi Arabia governmental funds and private investors. It is a leading developer of power plant projects and desalinated water production plant projects in Saudi Arabia. The power plants and desalinated water production plants that it has invested, developed, owned and operated have presence in 10 countries in West Asia, North Africa, Southern Africa and South East Asia regions.