Sumitomo, together with Korea Electric Power have reached an agreement for the purchase of the right to operate and own Shuweihat S3 project in the United Arab Emirates (UAE) and concluded principal contracts, including a long-term power purchase agreement, with Abu Dhabi Water & Electricity Authority (ADWEA). In July 2010, the Consortium participated in the ADWEA's international tender for Shuweihat S3 project right. In October, the Consortium was selected as Fist Ranked Bidder and has since continued negotiations with ADWEA. The Consortium will construct a gas-fired combined cycle power plant, with a capacity of 1,600 MW, adjacent to Shuweihat S1 Plant partly owned by Sumitomo, which is located in Shuweihat, approximately 250 km west of Abu Dhabi. Construction of the new power plant will start in March 2011 and commercial operations are scheduled from March 2014. All generated electricity will be purchased by ADWEA under the 25-year, long-term power purchase agreement. The total project cost will amount to approximately $1.5bn, including the cost of plant construction.
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