The Abu Dhabi National Energy Company (TAQA) has reached financial close for the 2.4 GW CCGT Fujairah F3 IPP project in the United Arab Emirates (UAE), following the signing of the power purchase agreement (PPA) and shareholder's agreement between Abu Dhabi Power Corporation (ADPower), Emirates Water and Electricity Company (EWEC), Mubadala Investment Company and Marubeni (Japan).
The project will cost AED 4.2 billion (US$1.1bn), with external funding sourced from a consortium of international multi-lateral and commercial banks, including Japan Bank for International Cooperation (JBIC), BNP Paribas, Mizuho Bank, Sumitomo Mitsui Banking Corporation, Sumitomo Trust Bank, and Standard Chartered Bank. The project is expected to start generating power and supplying electricity to EWEC by the summer of 2022, with full operations expected by the summer 2023. The plant, which is owned by TAQA and Mubadala (60%) and Marubeni Corporation (40%), will have the capacity to power the equivalent of 380,000 households.
Earlier in July 2020, ADPower completed the transfer of most of its power generation, transmission and distribution assets to TAQA, in exchange for new shares in TAQA. ADPower now owns 98.60% of the entire issued share capital of TAQA. Both TAQA and ADPower are owned by ADQ, one of the largest government-owned holding companies in the region. The transaction was proposed by ADPower to TAQA in February 2020 and approved by TAQA shareholders in April 2020.
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