Abengoa has signed a cooperation agreement with the Saudi energy company Acwa Power, the Commercial and Industrial Bank of China (ICBC) and Shanghai Electric (SEC), with which it has already carried out the execution of a solar field in Dubai, for collaborate in future energy projects.

The declaration of intentions has been signed today in the presence of the President of the Spanish Government, Pedro Sanchez, and of China, Xi Jinping, in the framework of the latter’s visit to Spain, and the firm has been assisted by the top executives of all the companies involved.

The signatories of the agreement already collaborate in the construction project in Dubai of the CSP part of the fourth phase of a large solar complex, the Mohammed bin Rashid Al Maktoum Solar Park.

The ICBC bank is the project financing lender, Acwa the leading developer, Shanghai Electric the turnkey contractor and Abengoa technology provider.

In addition, with the agreement, ICBC, Acwa Power, Shanghai Electric and Abengoa establish a long-term strategic relationship.

Abengoa announced last May that it had been selected to provide the solar thermal technology and build a solar field of three parabolic trough plants for the fourth phase of a large solar complex in Dubai, with an amount under its direct execution of 650 million dollars (576 million of euros).

The Spanish company was selected by the Chinese equipment manufacturer Shanghai Electric Group to develop that part within the complex Mohammed bin Rashid Al Maktoum Solar Park, the world’s largest solar technology to date and owned by the Dubai Electricity and Water Authority (Dewa)

The fourth phase of the complex is being developed by Dewa in collaboration with the Arabian Company for Water and Power Project (Acwa Power).

Unlike the first three phases of the complex, which use photovoltaic technology, the fourth phase consists of a 100-megawatt (MW) tower and three parabolic trough plants of 200 MW each, with twelve hours of molten salt storage, which will be built Abengoa, which will also be the supplier of solar thermal technology.

This solar field is the second thermosolar project that Abengoa is developing in the Arab Emirates.

In addition, Abengoa has Abengoa as a strategic partner in water desalination projects in the Middle East and has a broad portfolio of projects underway with the Saudi company.