Barakah One completes refinancing of Barakah Nuclear Energy Plant

Barakah One completes refinancing of Barakah Nuclear Energy Plant

Barakah One Company (Barakah One) – the joint venture between the Emirates Nuclear Energy Corporation (ENEC) and Korea Electric Power Corporation – has completed the refinancing of the Barakah Nuclear Energy Plant. Barakah One has refinanced the full outstanding balance under the loan facilities extended by the Export-Import Bank of Korea (KEXIM), the export credit agency of South Korea. These facilities were originally committed in 2016 in connection with the construction and development of the plant. The KEXIM loan facilities have been refinanced through a competitive market process resulting in the selection of two leading Emirati banks, Abu Dhabi Commercial Bank (ADCB) and First Abu Dhabi Bank (FAB). The Barakah Plant project has continued to progress through to full, four-unit commercial operations. There are three reactors currently generating abundant, clean electricity for the UAE, with the fourth unit recently starting its operational readiness phase. Once commercially operational, will raise the plant’s total clean electricity generation capacity to 5.6GW, equivalent to 25 percent of the UAE’s electricity needs, delivering more than 40TWh of clean electricity per year. Mohamed Ibrahim Al Hammadi, ENEC’s managing director and CEO, stated, “We are pleased that Barakah One Company has successfully completed the refinancing of the