ADNOC and TAQA close landmark clean energy and decarbonization transaction

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UAE
  • Date: 23-Sep-2022
  • Source: Zawya
  • Sector:Oil & Gas
  • Country:UAE
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ADNOC and TAQA close landmark clean energy and decarbonization transaction

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Strategic sustainable power project significantly decarbonizes ADNOC’s offshore production operations, strengthening ADNOC and TAQA’s leading positions in supporting the UAE’s ‘Net Zero by 2050 Strategic Initiative’

Combined investment from Consortium, commercial lenders and Export Credit Agencies yielded more than $3 billion in foreign direct investment, underscoring the UAE’s standing as a trusted, go-to global investment destination

Abu Dhabi, UAE: Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Energy Company PJSC (TAQA) announced today the successful financial closing of their $3.8 billion strategic project to power and significantly decarbonize ADNOC’s offshore production operations.

Together with a consortium comprised of Korea Electric Power (KEPCO), Kyushu Electric Power Company (Kyuden) and Électricité de France (EDF) (the Consortium), this is a first-of-its-kind high-voltage direct current (HVDC) sub-sea transmission network in the MENA region. The innovative project progressed rapidly from concept to development phase with construction starting in early 2022, underscoring both ADNOC and TAQA’s leading positions to drive climate action and support the ‘UAE Net-Zero by 2050 Strategic Initiative’.

The Consortium will build, own, operate and transfer the state-of-the-art transmission system alongside ADNOC and TAQA, with the full project being returned to ADNOC after 35 years of operation.

Commenting on the successful financial closing of the transaction,