TAQA, ENGIE, EWEC announce financial closing for AED2.3b M2 RO Desalination Plant

TAQA, ENGIE, EWEC announce financial closing for AED2.3b M2 RO Desalination Plant

ABU DHABI, 31st May, 2023 (WAM) -- Abu Dhabi National Energy Company (TAQA) alongside ENGIE, a global leader in low-carbon energy solutions, and EWEC (Emirates Water and Electricity Company), announced the successful financial closing of the AED2.3 billion (US$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 UAE's third largest RO desalination plant, M2 RO will produce 120 million imperial gallons per day (MIGD) of water once fully operational, equating to roughly 550,000 cubic metres per day of potable water.

Expected to be operational in Q4 2025, the plant will be owned by TAQA, holding a 60% share and ENGIE taking a 40% share.

Both companies will also take on the operations and maintenance (O&M) of the plant with ENGIE taking a 60% stake in the O&M company and TAQA taking a 40% stake. EWEC will procure the water supplied from