Abu Dhabi appoints Japanese developer for major power project
Abu Dhabi-based Emirates Water & Electricity Company has awarded a contract to Marubeni Corporation to develop the 2.4 GW Fujairah 3 independent power project.
Abu Dhabi
Abu Dhabi: Abu Dhabi-based Emirates Water & Electricity Company has awarded a contract to Japan’s Marubeni Corporation to develop the 2.4 GW Fujairah 3 independent power project.
The Japanese developer signed the power purchase agreement and Shareholder’s agreement with Ewec on 16 February.
Marubeni will hold a 40 % stake in the special purpose vehicle set up to develop and operate the plant, with the Abu Dhabi government to hold the remaining 60 % stake.
First power from the project is scheduled to come online in summer 2022, with the full capacity to come online by the summer of 2023.
Energy & Utilities recently reported that ADPower had offered to transfer billions of dollars-worth of power and water assets to Abu Dhabi National Energy Company (Taqa) as part of a takeover deal.
Under the proposal submitted by ADPower, the utilities company would transfer the majority of its water, electricity generation and transmission and distribution assets in return for 106 billion convertible shares.
If completed, the combined companies would have power generation assets of 49 GW.
Source: Energy Utilities