US$1.43 billion thermal power plant for Abu Dhabi
Multinational consortium signs agreement to build thermal power plant
A US$1.43 billion dollar deal to build a thermal power plant in the United Arab Emirates has been signed by a consortium including Korea Electric Power Corp (KEPCO) and Japan’s Sumitomo Corp.
Due for completion by March 2014, the gas thermal power plant will be constructed by the consortium in Shuweihat City, west of Abu Dhabi, in a deal with the Abu Dhabi Water and Electricity Authority (ADWEA).
Raising funds through bank-borrowing from South Korean, Japanese and other foreign banks, the costs are planned to be recovered in an agreement to sell electricity produced at the plant to ADWEA for 25 years.