(Yicai) March 13 -- Shares of Power Construction Corporation of China soared by the exchange-imposed daily trading limit after the Chinese state-owned infrastructure contractor secured an engineering, procurement, and construction deal for the world’s largest photovoltaic and storage project.

PowerChina [SHA: 601669] closed up 10 percent at CNY7.19 (USD1.04) in Shanghai today. 

A consortium including PowerChina’s Abu Dhabi branch and its subsidiary Huadong Engineering signed an EPC contract worth nearly CNY14 billion (USD2 billion) with Masdar, a United Arab Emirates state-owned renewable energy company, for the world’s largest combined solar power and battery storage project, PowerChina announced yesterday.

Located in Mshayrif, Abu Dhabi, the project is jointly developed by Masdar and Emirates Water and Electricity, being one of the key projects for the implementation of the UAE Energy Strategy 2050. It consists of a 5.2-gigawatt PV power station and a 19-gigawatt-hour energy storage system, and it is expected to reduce carbon dioxide emissions by about 5.7 million tons a year once operational.

The project is divided into two sections: northern and southern. The consortium will be responsible for the design, procurement, and construction of the PV and storage sites, as well as the construction of supporting facilities, of the North section, which will have an installed PV capacity of 2.1 GW and an installed energy storage capacity of 7.75 GWh.

The project is expected to go into operation in 2027.

Editor: Futura Costaglione