(Yicai) June 5 -- Shares of China Energy Engineering Corporation advanced after the Chinese energy engineering contractor said it secured a USD1.7 billion engineering, procurement, and construction contract for a gas-fired power station in Abu Dhabi.

CEEC [SHA: 601868] closed 3.2 percent up at CNY2.89 (42 US cents) in Shanghai today. Its Hong Kong-listed stock [HKG: 3996] was trading unchanged at HKD1.24 (15 US cents) as of 3 p.m.

CEEC and three of its units will act as general EPC contractors for the 2.6-gigawatt combined cycle gas turbine power plant of the Taweelah C project in Abu Dhabi, the Beijing-based parent firm announced yesterday, citing a deal it signed with the project developer. Construction is scheduled to last 32 months.

Based on the agreement, CEEC and its subsidiaries will deliver full-chain services spanning project design, equipment supply, factory testing and transportation, civil engineering, equipment installation and commissioning, staff training, and maintenance services throughout the warranty period, CEEC noted.

The Taweelah C project will provide transitional capacity to support the integration of renewable energy sources into the national grid, providing additional flexibility during peak power demand. It is located in the Al Taweelah Power and Desalination Complex, about 50 kilometers from Abu Dhabi, which already hosts two gas-fired power plants with a total installed capacity of 3.9 GW and two large-scale seawater desalination facilities.

The Emirates Water and Electricity Company awarded the development of the Taweelah C project to a consortium led by Abu Dhabi National Energy Company PJSC, which will hold 60 percent of the project, in partnership with Saudi Arabia’s Aljomaih Energy and Water and Singapore’s Sembcorp Industries, which will hold the remaining 40 percent stake combined.

Editor: Futura Costaglione