On November 30th, 2016, the First Gulf Bank, the agent of loan banks for the Hassyan 2,400 MW Clean Coal-Fired Power Plant BOO Project, issued a confirmation letter on the completion of financing closure for Hassyan Project on behalf of all loan syndicates to announce the formal closure of financing. Another significant achievement of HEI in overseas investment projects, this marks that the Hassyan Project has formally entered into the construction stage.

The Hassyan Project is listed as a priority project in the strategic energy planning of Dubai government, it is the first coal-fired power plant project in the Middle East, and it is also the first project which is invested and undertaken as the EPC project by HEI in the Middle East. The Hassyan Project Commenced in 2014, over the past two years, a series of procedures has been completed for the project including preliminary research, bidding, clarification and bank financing with the joint efforts of HEI and ACWA. The PPA and other related investment agreements were signed on June 1st, 2016. Moreover, its financing closure was completed with the strong support of the Silk Road Fund, Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Agricultural Bank of China, Standard Chartered Bank and certain Middle Eastern banks including the First Gulf Bank.

Adopting the project financing mode, this project has the characteristics of the involvement of many banks, a huge amount of financing and complex financing closure requirements. The financing closure is finally realized with the unity of the whole company, the full coordination of each department, and the powerful support from ACWA and the Silk Road Fund in a challenging struggle lasting nearly 6 months.

The completion of financing closure for the Hassyan Project marks further substantial progress made by HEI in the investment and financing segments, which are listed among its four business segments. It not only ensures the smooth implementation of the project’s plan but also lays a solid foundation for HEI to exploit the strategic development of electricity investment in Dubai, thereby standing as a significant milestone in HEI’s development of the international investment market.