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UAE Freezones Biz News Updates
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UAE’s nuclear power project raises $24.4bn financing
Most of the cash came from state sources
UAE’s ENEC confirms unit one of nuclear plant over 84% complete
The United Arab Emirates’ nuclear energy project has completed a $24.4bn
financing for its first plant with most of the cash coming from state
sources, the developers said on Thursday.
In 2009, Korea Electric Power Corporation (Kepco)-led consortium won a
contract to build four 1,400 megawatt nuclear reactors that are being
constructed at the Barakah plant to meet the UAE’s surging demand for
electricity.
Emirates Nuclear Energy Corp (ENEC) and Kepco jointly own the Barakah
nuclear energy plant project.
The financing comprises direct loans of $19.6bn with $16.2bn from the Abu
Dhabi government and another $2.5bn from the Export-Import Bank of Korea (Kexim),
a joint statement from the developers said.
It also includes equity commitments from Enec and Kepco totaling $4.7bn as
well as a $250m loan provided by National Bank of Abu Dhabi, First Gulf
Bank, HSBC and Standard Chartered.
“With the creation of this financial framework, ENEC will be able to provide
safe, reliable electricity to the UAE grid through a commercially viable and
cost-competitive program,” Khaldoon Khalifa al Mubarak, chairman of Enec
said.
The Barakah plant is scheduled for completion in 2020, with construction
having started in 2012. With four reactors online, the facility will deliver
up to a quarter of the UAE’s electricity needs and save up to 12 million
tonnes in carbon emissions every year.
Overall, construction of Units 1 to 4 is now over 71 percent complete.
Oct 23, 2016
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Courtesy Gulf Business
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