TAQA closes on 2.4 GW plant financing

22 July 2020

Sian Crampsie 

Abu Dhabi National Energy Company (TAQA) has reached financial close on the 2.4 GW Fujairah F3 independent power plant. F3 will be the largest gas-fired independent power plant in the United Arab Emirates (UAE) and is expected to start operating in mid-2022. Financial closing follows the signing of the power purchase agreement and shareholder’s agreement among Abu Dhabi Power Corporation (ADPower), Emirates Water and Electricity Company (EWEC), Mubadala Investment Company and Japan-based Marubeni Corporation.

The Fujairah F3 plant will incorporate 'state-of-the-art' JAC class gas turbine technology, sourced from Mitsubishi Heavy Power Systems, and, once constructed, it will be utilising the most efficient combined cycle technology in the region. The project will cost approximately AED 4.2 billion in total, with external funding sourced from a consortium of international multi-lateral and commercial banks, including Japan Bank for International Co-operation, BNP Paribas, Mizuho Bank, Sumitomo Mitsui Banking Corporation, Sumitomo Trust Bank, and Standard Chartered Bank.

Farid Al Awlaqi, the newly appointed executive director of Generation at TAQA, said: “The Fujairah F3 project is a landmark for TAQA and its generation assets, following the company’s integration with ADPower. It will be the largest gas-fired power plant in the UAE, and, by utilising advanced combined cycle technologies, it will be one of the most efficient in the region. Announcing the financial close of this project accelerates the transformation of the power and water sector, as TAQA delivers significant progress on important large-scale infrastructure projects in the UAE.”

Financial close follows the announcement of TAQA’s successful transaction with ADPower on July 1, 2020, which created the UAE’s 3rd-largest publically listed company by market capitalisation and a top-10 utility player in the EMEA region by regulated assets.

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