July 7, 2020 / 8:14 AM / a month ago

UPDATE 1-Taqa agrees financing for UAE's largest gas-fired power plant

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DUBAI, July 7 (Reuters) - Abu Dhabi National Energy Company has agreed financing for the United Arab Emirates’ largest gas-fired power plant, which is expected to cost approximately 4.2 billion dirhams ($1.1 billion), 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 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, BNP Paribas, Mizuho Bank, Sumitomo Mitsui Banking Corporation, Sumitomo Trust Bank, and Standard Chartered, 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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