July 7, 2020 / 7:49 AM / a month ago

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

DUBAI, July 7 (Reuters) - Abu Dhabi National Energy Company has agreed financing for the UAE’s largest gas-fired power plant which is expected to cost approximately 4.2 billion dirhams ($1.14 billion), the company said on Tuesday.

The Fujairah F3 Independent Power Producer (IPP) project will have a generation capacity of 2.4 gigawatts and is expected to start power generation by summer 2022.

The external funding will be sourced from a consortium including Japan Bank for International Cooperation, BNP Paribas, Mizuho Bank, Sumitomo Mitsui Banking Corporation, Sumitomo Trust Bank, and Standard Chartered Bank, Taqa said in a statement.

$1 = 3.6729 UAE dirham Reporting by Hadeel Al Sayegh; writing by Dahlia Nehme; editing by Jason Neely

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