Taqa reaches financial close on the UAE’s largest gas-fired power plant – The National
- Date: 07-Jul-2020
- Source: The National
- Sector:Financial Markets
- Country:UAE
Taqa reaches financial close on the UAE’s largest gas-fired power plant – The National
The 2.4GW scheme in Fujairah is estimated to cost Dh4.2bn
Earlier this month, ADPower transferred the majority of its power and water generation, transmission and distribution assets to Taqa in exchange for more than 106.3 billion new shares.. Courtesy Taqa
July 7, 2020
July 7, 2020
Abu Dhabi National Energy Company, also known as Taqa, has reached financial close for a 2.4 gigawatt gas-fired power plant in the emirate of Fujairah - the largest such scheme in the UAE.
The Fujairah F3 independent power producer (IPP) project, expected to cost Dh4.2 billion, is set to power 380,000 households upon completion in the third quarter of 2022. An IPP refers to a private entity that generates power for sale to a utility or end users.
The financial close follows the completion of power purchase and shareholders' agreements between Abu Dhabi Power Corporation (ADPower), Emirates Water and Electricity Company (EWEC), Mubadala Investment Company and Japan-based Marubeni Corporation.
Taqa and Mubadala will hold a joint 60 per cent stake in the project, with the remainder held by Marubeni.
The funding for the
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