Dubai PR Network, Online Press Release from Dubai and Middle East
 
(Energy and Industry)
Filter PR by
  
Abu Dhabi Power Corporation Announces the Establishment of the Largest Independent Thermal Power Plant in the UAE
 

ADPower and Marubeni Corporation form consortium to develop new 2.4GW power plant in Fujairah

New power plant capacity will be able to power the equivalent of 380,000 households 

Abu Dhabi, UAE – 16 February 2020: Abu Dhabi Power Corporation (ADPower) and Japan-based Marubeni Corporation announced, today, the formation of a consortium to develop the Fujairah F3 independent power producer (IPP) project, which will be the largest independent thermal power plant in the UAE. 

To mark the occasion, a ceremony was held at the headquarters of Emirates Water and Electricity Company (EWEC), where the project’s Power Purchase Agreement (PPA) and Shareholders’ Agreement was signed. The ceremony was attended by Jasim Husain Thabet, CEO and Managing Director of ADPower, Yoshiaki Yokota, COO of Marubeni Corporation’s Power Business Division, and Othman Al Ali, CEO of EWEC, and was witnessed by H.E. Akihiko Nakajima, Ambassador of Japan to the UAE, and H.E. Saif Mohamed Alhajeri, Chairman of the ADPower Board of Directors.

The Fujairah F3 IPP project includes the development, financing, construction, operation, maintenance and ownership of a combined cycle gas turbine (CCGT) power plant, together with associated infrastructure. Located in the Fujairah water and electricity complex, between the existing Fujairah F1 and Fujairah F2 water and electricity plants, the Fujairah F3 IPP project will have a contracted power capacity of 2.4GW, bringing ADPower’s current power generation capacity to 20.4GW. Once operational, Fujairah F3’s capacity will be able to power the equivalent of 380,000 households. 

Jasim Husain Thabet, Chief Executive Officer and Managing Director of ADPower, said: “Our ambition is to transform Abu Dhabi’s water and electricity sector into a reliable, efficient, sustainable and value-generating system that optimises our robust portfolio of assets and creates unique partnership opportunities. The F3 IPP Project represents a significant milestone in this journey, deploying world-class technology and efficiency standards to meet the UAE’s evolving power needs. We are delighted to announce Marubeni Corporation as our partner in the F3 Fujairah IPP project.”

Othman Al Ali, Chief Executive Officer of EWEC, said: “The Fujairah F3 IPP project will apply one of the most efficient and advanced CCGT technologies available in the region, producing more energy that aligns with the UAE Energy Strategy 2050’s CO2 emissions reduction targets. It will play a strategic role in the growth and development of the UAE, providing secure and reliable power to match the needs of consumers in Abu Dhabi and the UAE. As part of the tender process, EWEC conducted a robust due diligence exercise, in line with the UAE energy industry’s world-class standards, in order to select the most attractive technical and commercial bid for this project.” 

In early 2019, EWEC received 30 expressions of interest from potential bidders for the Fujairah F3 IPP project, of which 20 were qualified to bid after submitting statements of qualification. The project received six bids which were opened in October at EWEC’s headquarters in Abu Dhabi. 

Through this project, the government of Abu Dhabi will indirectly own a 60% stake, while the remaining 40% will be owned by Marubeni Corporation. The construction of the Fujairah F3 IPP project, which is the largest CCGT power plant in the UAE’s current fleet, is expected to commence swiftly to enable EWEC to procure early power by summer 2022 and full generation by summer 2023. 

The Fujairah F3 IPP project will grow ADPower’s portfolio of investments in power generation assets, which form part of the assets subject to the recently announced offer to Abu Dhabi National Energy Company (TAQA), whereby ADPower would transfer the majority of its water and electricity generation, transmission and distribution assets to TAQA. If accepted and approved by TAQA and regulatory authorities, the proposed transaction would create a combined entity that is expected to be one of the largest utilities companies in the GCC, a top-10 integrated utilities player in the EMEA region by regulated assets, and the third-largest company listed on the UAE stock markets by market cap.


Posted by : DubaiPRNetwork.com Editorial Team
Viewed 7868 times
PR Category : Energy and Industry
Posted on : Sunday, February 16, 2020  3:51:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Schneider Electric Adds New Features and PROFIBUS and PROFIN...
Next Story : Integrated Power and Process Systems Help in Improving Human...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Pandora Launch a New Limited-Edition Charm in Support of UNICEF Giving Young Voices the Ch... [13198-Views]
Ogilvy Celebrates a giant performance at this year's LIA's – Including awards for Global ... [10115-Views]
The Face Shop Introduces Vegan Skincare in the UAE [5441-Views]
MG International Fragrance Company Reinforces Presence in the Growing Middle East Region [4694-Views]
Opening Day of 22nd Edition of Cityscape Sees Numerous New Developments Showcased inside D... [4555-Views]
Dubai Islamic Bank Successfully Prices USD 750 Million Inaugural Sustainable Sukuk [4149-Views]
Dubai's Real Estate Market Continues to Ride High on Strong Investor Confidence [4043-Views]
Dubai Future Foundation Announces Winners of the Smart Toys Competition 2.0 [3698-Views]
Jaeger-Lecoultre Participates in the 30th Edition of Jewellery Arabia Bahrain [3669-Views]
Dubai Customs Launches Awareness Campaign on Digital Services for Passengers [3485-Views]
Burj Khalifa by Emaar to Host a Cutting-Edge Laser Light Extravaganza and Phenomenal Firew... [3050-Views]
Sita Strengthens its Partnership with Geneva Airport, helping Transform the Passenger Expe... [3018-Views]
Large Audience Attend Taha Hussein Days at Mohammed bin Rashid Library [2981-Views]
Dubai's 3 Day Super Sale Starts Friday with Deals of up to 90% off across the City [2981-Views]
Samsung MENA Launches the First-ever Roblox ‘Space Cup' Football Tournament [2972-Views]
Michelin Star Chef and UK Consul General Welcomed for Jumeirah College Bake Off [2948-Views]
Global Village Announces Spectacular Celebrations to mark the 51st UAE National Day [2788-Views]
DLD Enriches its Participation in Cityscape 2022 with Innovative and Sustainable Real Esta... [2702-Views]
Dubai Health Authority Receives a High-level Delegation from the National Healthcare Group... [2640-Views]
Waterfront Market unveils Dubai Consumers Shopping Preferences [2636-Views]
Reel Cinemas will make UAE Cinema History by Giving an Incredible 51% Discount on All Movi... [2632-Views]
What a shot! David Beckham Snaps a Scenic View as Qatar Tourism unveils Posts of Qatar [2620-Views]
Five Things to Know About how they're Delivering more Benefits for Travellers [2616-Views]
Network International, American University of Sharjah Collaborate to Empower Youth Enterin... [2612-Views]
Jaguar Classic Exhibit Iconic Jaguar C-Type & D-Type Models at the Dubai GP Revival [2575-Views]
 
RSS Facebook Twitter LinkedDin DubaiPRNetwork.com on Instagram
 
Top Sections
 
Top Stories