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FINANCIAL NEWS
French, Spanish firms to build power plant in Abu Dhabi
09 Jun 2010
(MENAFN) France’s Total and Spain’s Abengoa said that they will sign an agreement with the UAE government to set up a $600 million solar power plant southwest of Abu Dhabi, the Financial Times reported.
Under the agreement, the plant, which will be named Shams plant, is expected to produce 100 megawatts of power. The two firms have a 40 percent stake.
Work on the solar farm is due to start in July and it will start operations in 2012, the Financial Times said.
It is worth mentioning that Abu Dhabi plans to meet 7 percent of total energy needs through renewable sources by 2020.
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