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 : Dubai PR Network Editorial Team
Viewed 3410 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
DERMAdoctor: Say Goodbye to Acne Breakouts! [13841-Views]
Champion Cleaners - Sanitize Your Home and Keep Your Family Safe [7954-Views]
Celebrate Mother's Day #WithLove [7521-Views]
Caring for Dry Hands After Frequent Washing [7106-Views]
Versus Rue Denoyez VSP1U0319 [6887-Views]
DERMAdoctor: Peel the Difference & Boost Your Skin with DERMAdoctor's Vitamin C Peel Pad! [6533-Views]
We Have Got Everything You Need to Feel Refreshed at Beauty Solutions [6344-Views]
Kristina Fidelskaya Press Release AW2020 [5624-Views]
Longchamp Introduces the Iconic Eyewear Styles [5270-Views]
Mattify Your Life With Foreo's UFO Activated Mask [5228-Views]
Maybelline's Falsies Lash Lift Make Their Way to the GCC [5124-Views]
Chronoswiss Sirius Chronograph Moon Phase' [5002-Views]
At Home Anywhere: Rachael Lynn's Guide to Feeling at Home Wherever Life Takes You [4935-Views]
A CEO Plan for Coronavirus: Actions to Take Now [4904-Views]
New 5G Nokia Smartphone Unveiled as Portfolio Expands – Ensuring a Nokia Phone is the Only... [4648-Views]
Mark the Advent of the Blessed Month of Ramadan With the Islamic Calendar Watch From Parmi... [4599-Views]
Union Coop Signs Contracts worth AED 400 Million Approx. for Ramadan Goods [4526-Views]
Marina Rinaldi Mother's Day Gift Edit [4496-Views]
A More Hygienic Life With Steam Technology [4453-Views]
New in Nightwear [4392-Views]
Ajman Sewerage Cuts Service Fees by Up to 100 Percent [4392-Views]
Boost Your Immune System and Stay Healthy With OAKBERRY Açaí Bowls [4160-Views]
Urgent Emergency Support Requested for Airlines [4118-Views]
Etihad Airways Eases Travel Plans by Introducing Etihad Credit [4093-Views]
GEMS Education Collaborates with IBM to Upskill its UAE Schools in Emerging Technologies [4075-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories