(MENAFN) Ras Al Khaimah-based Utico Middle East signed an agreement with Shanghai Electric, the world's largest coal power company, to establish a USD408 million power plant in the UAE's northern emirate, Arabian Business reported.
The project, the world's greenest coal-fired power plant, will be located in the RAK Maritime City, where power and water demand is growing fast, a statement said.
The project is a key part of Ras Al Khaimah's efforts to meet the growing demand for power from the emirate's industries and consumers.
RAK ruler Sheikh Saud bin Saqr Al Qassimi said the facility would be environment-friendly and aiding the development and economic growth of the region, while also creating jobs.
The plant, which is poised to produce 270MW of power, is expected to be completed in 2015, and will use carbon capture technology, resulting in lower tariffs, the statement added.
Under the deal, Shanghai Electric will provide the know-how and technology, and both equity partners will run and maintain the facility.