Mitsui & Co completes Abu Dhabi power plant sale
Japanese firm sells stake in the 2,200MW Umm Al Nar plant to Tokyo Electric Power.
Mitsui & Co has completed the sale of its stake in the Umm Al Nar Power and Water Project in the UAE.
The Japanese company has offloaded its 15% stake in ITM Investment Company (ITMI) to consortium partner and compatriot Tokyo Electric Power Company (Tepco), it said in a statement.
ITMI was established between Mitsui, Tepco and International Power of the UK (now called ENGIE [previously called GDF SUEZ Energy International].
Tepco and International Power each hold 50% shares in ITMI following the transaction. Mitsui said the sale is aimed at optimising its portfolio.
ITMI holds a 40% in Arabian Power Company which owns the Umm Al Nar project. The remaining 60% is held by Abu Dhabi Water and Electricity Authority (ADWEA) and other state owned entities.
The Umm Al Nar power and water plant on Sas Al Nakhl Island, around 15km east of Abu Dhabi, was commissioned in 2007. It has a power generation capacity of 2,200MW and 650,000 cm3/day of desalinated water.
The Combined Cycle Gas Turbine (CCGT) power plant cost $2.1bn to develop on a Build Own Operate (BOO) basis with Abu Dhabi Water and Electricity Company (ADWEC) as the power offtaker on a 20-year contract.