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Ras Abu Fontas Power, a Qatari project company has signed a financing agreement with the Japan Bank for International Cooperation (JBIC) of approximately $990 million
The financing forms part of a wider $2.97 billion co‑financing package arranged alongside private financial institutions, the Export‑Import Bank of Korea, Korea Development Bank, and KEXIM Global Singapore, a JIBC statement said on Monday.
Ras Abu Fontas is jointly owned by the borrower’s shareholders Qatar Electricity & Water Co (55%), Sumitomo Corp (17%), Shikoku Electric Power (11%), Korea Overseas Infrastructure & Urban Development (6%), Korea Southern Power (6%) and QatarEnergy (5%).
Under the project, Ras Abu Fontas Power will build, own, and operate a natural gas‑fired combined‑cycle power plant with a capacity of approximately 2,400 MW, as well as a desalination facility capable of around 110 million imperial gallons per day (MIGD). The facilities will be located in Ras Abu Fontas, south of Doha.
Once completed, the project will supply power and water to Qatar General Electricity and Water Corporation (Kahramaa) under a 25‑year agreement.
(Writing by Brinda Darasha; editing by Daniel Luiz)
