Barakah One Company completes Barakah Nuclear Energy Plant refinancing with UAE banking partners

Barakah One Company completes Barakah Nuclear Energy Plant refinancing with UAE banking partners

ABU DHABI, 4th July, 2023 (WAM) -- The Barakah One Company (Barakah One) - a joint-venture between the Emirates Nuclear Energy Corporation (ENEC) and the Korea Electric Power Corporation (KEPCO) - has successfully completed the milestone refinancing of the Barakah Nuclear Energy Plant, working with key banking institutions in the UAE.

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.

Such facilities were originally committed in 2016 in connection with the construction and development of the Barakah 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). This refinancing demonstrates not only the strong ongoing investor confidence in the project but also how the Barakah Plant is creating even further economic value in the UAE beyond the positive impact on the local supply chain and creation of job opportunities for UAE Nationals.

The refinancing reflects a natural progression in the development of the Barakah Plant as the project continues to progress through to full, four-unit commercial operations. Barakah has