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Abu Dhabi National Energy Company PJSC (TAQA), one of the largest listed integrated utility firms in the region, and Emirates Water and Electricity Company (EWEC) have finalised a 3.6 billion dirham ($980 million) deal for Al Dhafra Power Plant project.
Around 85% of the cost is financed through debt from a consortium of local and international banks, including Standard Chartered Bank, Abu Dhabi Commercial Bank, Agricultural Bank of China, Doha Bank, First Abu Dhabi Bank, HSBC, ICBC, KFW, National Bank of Kuwait, RAK Bank, Woori Bank, Abu Dhabi Islamic Bank, Boubyan Bank and Ajman Bank.
The 1-gigawatt gas turbine facility will supply power to data centre projects. TAQA will build, own and operate the plant, holding 100% ownership of both the project company and the operation and maintenance entity.
Construction is already underway. The financial close follows TAQA’s signing of a 24-year power purchase agreement with EWEC in April.
(Writing by Brinda Darasha; editing by Seban Scaria)
