TAQA, ENGIE and EWEC announce financial closing for Mirfa 2 Reverse Osmosis desalination plant

TAQA, ENGIE and EWEC announce financial closing for Mirfa 2 Reverse Osmosis desalination plant

TAQA Group holds a 60% stake in this low-carbon desalination project alongside ENGIE holding a 40% stake

TAQA and ENGIE to take on the operations and maintenance of the M2 RO plant, with EWEC procuring the water supplied from the plant for 30 years

Abu Dhabi, UAE: Abu Dhabi National Energy Company PJSC (TAQA), one of the largest listed integrated utility companies in the Middle East and North Africa region, alongside ENGIE, a global leader in low-carbon energy solutions, and EWEC (Emirates Water and Electricity Company), a leading company in the integrated coordination of planning, purchasing and supply of water and electricity across the UAE, announced the successful financial closing of the AED 2.3 billion (USD $620 million) low carbon Mirfa 2 Reverse Osmosis (M2 RO) desalination project.

The project is primarily funded (78%) through debt financing from both local and international banks, including Abu Dhabi Islamic Bank (ADIB), BNP Paribas Fortis SA/NV, Sumitomo Mitsui Banking Corporation (SMBC), The Norinchukin Bank, BNP Paribas (BNPP) and KfW IPEX-Bank GmbH. This follows TAQA and ENGIE signing the water purchase agreement with EWEC in February of this year.

Serving as the third largest RO desalination plant in the UAE, M2 RO will produce 120 million imperial gallons