Hassyan IPP (coal->gas)

Hassyan IPP (coal->gas) - a Independent Water & Power Project in UAE. Capacity 2.4 GW. Winning consortium: ACWA + Harbin Electric + Silk Road Fund. Power tariff: USD $0.0450/kWh. Status: Operational; converted coal->gas Feb 2022.

Country

UAE

Procurer

DEWA

City / region

Hassyan, Dubai

Capacity

2.4 GW

Status

Operational; converted coal->gas Feb 2022

Power tariff

USD $0.0450/kWh

Winning consortium

ACWA + Harbin Electric + Silk Road Fund - equity: DEWA 51% / ACWA+Harbin+Silk Road 49%

Procurement timeline

• RFP: 2014
• Bid submission: 2015
• Preferred bidder: Oct 2015
• Commercial close: Jun 2016
• Financial close: 2016
• PCOD: 2023 (full); P1 1200 MW 2022

Financing

• Capex: ~USD 3.4 bn
• Debt: USD 2.47 bn P1
• Lenders: First Gulf Bank, SMBC, ICBC, BoC, StanChart + Chinese banks
• Tenor: Long-tenor PF + Sinosure cover

Technical scope

Process: Originally USC coal; converted CCGT 2022

World's first IPP to switch fuel mid-life. ADNOC gas supply

Notes

Tariff 4.501c/kWh on May 2015 coal-price reference.

EPC contractor: Harbin Electric

Sources

• ACWA
• DEWA

Open the full IWPP / IPP benchmark →

Part of the GulfInfra · GCC Infrastructure Library - a free open-source benchmark of 136 public-private partnership procurements across the GCC. Methodology: how we build this.