The Silk Road Fund will acquire a 24 percent stake in a solar project in Dubai, the United Arab Emirates, news website caixinglobal.com reported.

The 700-megawatt concentrated solar power (CSP) project, the largest single-site CSP plant in the world, will be jointly developed by Silk Road Fund, the Dubai Electricity and Water Authority and Saudi Arabia's ACWA Power Barka SAOG, according to media reports.

The project is expected to deliver electricity at a tariff of 7.30 cents per kilowatt-hour, a price that is able to compete with electricity generated by fossil fuels without subsidies, the report noted.

Cover image: An Aerial View of Dubai Marina at Sunset (File photo: VCG)