The picture shows staff members of the Project inspecting the project site. (Xinhua)
In the heart of the vast desert of Dubai, the United Arab Emirates (UAE), a 262-meter-tall heat collection tower rises high in the Mohammed bin Rashid Al Maktoum Solar Park, like a lighthouse pointing towards the future. As the first rays of dawn sweep across this "sea of light" composed of countless giant mirrors, this green monument, a fusion of Chinese and Arab wisdom and investment, is continuously converting boundless light and heat into clean energy. The financial strength of the Agricultural Bank of China's Dubai International Financial Centre Branch (ABC DIFC Branch), which has been deeply rooted in the Middle East and North Africa region, has been deeply integrated into this magnificent photovoltaic (PV) matrix - it is not only a vivid embodiment of the Belt and Road Initiative but also a future prelude played by Chinese finance with green as its theme on the Silk Road.
Maktoum Solar Park Sets New Global Benchmark in PV Cooperation
Dubai, as a development hotspot worldwide, has an especially pressing demand for clean energy. ABC DIFC Branch responded to this demand and successfully undertook the 950-megawatt solar thermal and PV power station project in Dubai, with Shanghai Electric as the main contractor. This project is not only a key project for the UAE to achieve its "2050 Carbon Neutrality" strategy and energy transition, but also a landmark project under the Belt and Road Initiative.
The 950-megawatt solar thermal and PV power station project is located in the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. It is the world's largest single solar thermal and PV project. The total installed capacity of the project is 950 megawatts, including a 100-megawatt molten salt tower power station, three 200-megawatt parabolic trough power stations, and a 250-megawatt PV power station. It covers an area of 4,300 hectares and is known as an "energy oasis in the desert". It is jointly held by the Dubai Electricity and Water Authority (DEWA), Saudi International Water and Power Company (ACWA POWER), and the Silk Road Fund.
The syndicated loan for the project amounts to as high as 2.5 billion U.S. dollars, gathering mainstream banks from China, international regions and the Middle East. ABC DIFC Branch, as a co-lead arranger, actively participated in a share of 400 million U.S. dollars. This unique "Chinese enterprise + Chinese finance" model not only opened up the local financing channel for the landmark project, providing valuable experience for Chinese enterprises to enter the Middle East clean energy market, but also significantly enhanced the positive influence of the Belt and Road Initiative in the Gulf region.
Since its establishment in 2013, ABC DIFC Branch has been committed to providing efficient and comprehensive financial services to clients in the Middle East and North Africa. In recent years, it has continuously optimized its asset structure, with syndicated loans accounting for nearly 80% of its corporate credit assets, highlighting its leading position and strategic focus in this field.
Breaking through Barriers: Desert Bloom of New Emission Reduction Hope
The construction process of the project was fraught with difficulties. As full-scale work began, the complex progress management became the core bottleneck restricting the advancement of the project. As a systematic project, it not only required coordination of basic elements such as personnel allocation, equipment scheduling, and material supply, but also faced the severe test of the capital chain, a key variable.
Under the multiple pressures of a shortage of human resources, strict power grid acceptance standards, and escalating construction technical difficulties, the Shanghai Electric construction team was further confronted with the sudden situation of delayed capital allocation, which exacerbated the already tight schedule.
Upon learning of this situation, ABC DIFC Branch demonstrated outstanding crisis response capabilities, promptly responding and coordinating with the Shanghai Electric construction team and other parties. Eventually, a three-dimensional solution was formed, covering capital scheduling, technical breakthroughs, and resource allocation. This unconventional collaboration model led to a historic breakthrough in November 2022 - when the first batch of parabolic trough solar thermal units were successfully connected to the national power grid, the cheers in the control room and the flashing instrument panels complemented each other, turning the constructors' seven hundred-plus days of perseverance into the most glorious footnote.
The picture shows the 950-megawatt solar thermal and PV power station project. (Xinhua)
"Facing multiple challenges such as the desert's high temperatures and strict acceptance standards, the Shanghai Electric team held strong. Our team of ABC also visited the project site multiple times, witnessing its transforming from a blueprint into reality, meticulously ensuring the smooth flow of funds until its successful grid connection," recalled Zhang Sijun, a relationship manager of the Corporate Department of ABC DIFC Branch.
"We are like 'light concentrators' rooted in the heart of the desert, capturing the sun's power by day to bring light to thousands of homes by night," said Zhao Hui, the project manager of Shanghai Electric Dubai Solar Thermal and PV Project. This project adopts advanced solar thermal power generation technology, continuously and stably converting solar energy into electricity.
Today, this new energy miracle in the desert has been fully completed. The project now supplies clean electricity to over 320,000 households in Dubai each year, while achieving remarkable environmental benefits: reducing 1.6 million tons of carbon dioxide emissions. It is an important measure for the UAE to achieve its carbon neutrality goal by 2050. During the project's construction and operation, it directly created about 4,000 jobs and indirectly drove more than 10,000 jobs, effectively promoting the local economic and social development.
The project's green achievements have also won high praise from the owner. "This project is an irreplaceable key pillar of the 'Dubai 2050 Clean Energy Strategy' and the 'Dubai 2050 Net Zero Carbon Emissions Strategy'," said Saeed Mohammed Al Tayer, the Managing Director and CEO of Dubai Electricity and Water Authority (DEWA).
Financial Empowerment: Weaving New Tapestry of Collective Green Destiny
Through the financial links of ABC, numerous major infrastructure projects have been smoothly advanced - from seawater desalination projects ensuring drinking water for the people to future-driving PV energy projects; from natural gas vessels guaranteeing energy transportation to climate protection and green development projects safeguarding the Earth, each achievement is a testament to our hard work and unwavering belief in a better future, according to Zhang Lei, the head of the Corporate Department of ABC DIFC Branch, who said this with pride.
For over a decade, ABC DIFC Branch has provided efficient services for key Belt and Road projects, continuously improving its green and sustainable financial service system, and with solid financial strength, has "guarded and escorted" the Chinese solutions, facilitating the rooting and blossoming of Chinese technologies and standards in the Middle East.
On the one hand, the branch selects and participates in loans for key Belt and Road projects undertaken by Chinese enterprises, providing timely loan support according to the construction progress, and promoting the smooth implementation of the Noor Energy 1 CSP-PV Project in Dubai, which is invested by the Silk Road Fund, and helping the project play a demonstration role in the local green energy sector. On the other hand, the branch also focuses on serving Chinese enterprises "going global", actively supporting Chinese clients in participating in project bidding and construction in the Middle East market, and continuously providing strong financial guarantees for the high-quality "going global" of Chinese enterprises.
Looking ahead, ABC DIFC Branch will continue to leverage the responsibility and professional advantages as a state-owned financial institution, further integrate into the joint construction of the Belt and Road Initiative. With higher-standard financial services, the branch will assist Chinese enterprises in the successful implementation of key projects in the Middle East, contributing financial strength to the green chapter of building a community with a shared future for mankind. (By Liu Wanqiu, Wang Keyu)
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