Hassyan Energy Phase 1 PSC reached financial close on DEWA’s 2.4 GW Hassyan Clean Coal Project with the signing of $2.47 billion financing.

This will be constructed at Hassyan, Dubai, United Arab Emirates.

The completed financing secures the future of the Middle East’s first ultra-super critical coal development, and facilitates the production of 2,400 MW of net electricity by March 2023.

The total project investment is $3.4 billion with limited recourse project financing split into a combination of senior secured financing and a secured mezzanine tranche. The banks and financial institutions involved included Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, China Construction Bank, Silk Road Fund, First Gulf Bank, Union National Bank, Standard Chartered Bank, National Commercial Bank, Commercial Bank International and Emirates NBD.

What is “clean coal” about this? To a large extent, it has to do with the combustion and power generation technology:

  • This will be a CCGT (Combined Cycle Gas Turbine) based power plant to increase efficiency and reduce emissions
  • The system consists of four F-class gas turbines, four heat recovery steam generators and two back pressure steam turbines.

More details on the power plant technology from here.

Source for the news report on the financing from here.