Abu Dhabi National Energy Company (TAQA) announced, in a statement, the successful financial closing for the Fujairah F3 Independent Power Producer (IPP) project, largest gas-fired power plant in the UAE.
The project will have a power generation capacity of 2.4 GW. The Fujairah F3 plant will be located in the Qidfa area of the Emirate of Fujairah, nestled between the existing Fujairah F1 and Fujairah F2 water and electricity plants
The financial closing follows the signing of the power purchase agreement and shareholder’s agreement between Abu Dhabi Power Corporation (ADPower), Emirates Water and Electricity Company (EWEC), Mubadala Investment Company and Japan-based Marubeni Corporation. (read more)
TAQA and Mubadala will jointly hold a 60% equity interest in the project, while the remaining 40% will be held by 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 utilize the most efficient combined cycle technology in the region.
The total project will cost approximately AED 4.2 billion ($1.14 billion), with external funding sourced from a consortium of international multi-lateral and commercial banks, including Japan Bank for International Cooperation, BNP Paribas, Mizuho Bank, Sumitomo Mitsui Banking Corporation, Sumitomo Trust Bank, and Standard Chartered Bank.
Once completed, the plant’s capacity will be able to power the equivalent of 380,000 UAE households.
The Project is expected to begin early power generation by summer 2022, with full power generation expected by summer 2023.
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