July 7, 2020 / 8:34 AM / a month ago

Taqa agrees financing for UAE's largest gas-fired power plant

DUBAI (Reuters) - Abu Dhabi National Energy Company (TAQA.AD) has agreed financing for the United Arab Emirates’ largest gas-fired power plant, which is expected to cost approximately 4.2 billion dirhams (£880.63 million), the company said on Tuesday.

The Fujairah F3 Independent Power Producer (IPP) project will have a generating capacity of 2.4 gigawatts, enough to power the equivalent of 380,000 UAE households, and is expected to start production by summer 2022.

TAQA and Abu Dhabi’s Mubadala Investment Company [MUDEV.UL] will jointly hold a 60% stake in the project, while the remaining 40% will be held by Japan’s Marubeni Corporation.

The external funding will be sourced from a consortium including Japan Bank for International Cooperation [JBIC.UL], BNP Paribas (BNPP.PA), Mizuho Bank, Sumitomo Mitsui Banking Corporation [SUMFGK.UL], Sumitomo Trust Bank, and Standard Chartered [STANB.UL], Taqa said in a statement.

($1 = 3.6729 UAE dirham)

Reporting by Hadeel Al Sayegh; Writing by Dahlia Nehme; Editing by Jason Neely and Jan Harvey

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