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Abu Dhabi 19-10-2019
Emirates Water and Electricity Company (EWEC), a subsidiary of Abu Dhabi Energy Corporation (ADEC) and Aqua Power, the world’s leading desalination and electric power generation company, have announced the completion of the financing for the construction of the world’s largest reverse osmosis desalination plant at Taweelah The power plant in Abu Dhabi, which is expected to be completed in 2022, is owned by Abu Dhabi Energy Corporation, 60% by Mubadala Investment Company and 40% by ACWA Power.
The total cost of construction of the plant is estimated at AED 3.19 billion. AED 2.71 billion will be secured through a refinancing loan within the first 3 years from the commencement date of the commercial operation of the plant. The loan structure includes the advantages of Islamic and commercial finance. Of operating cash flows through project shareholders. The loan was secured through a range of national and international banks, including Emirates NBD, Natixis, Mizuho Bank, Siemens Bank, Boubyan Bank and Norinsky Bank.
Othman Al Ali, Chief Executive Officer of Emirates Water and Electricity Company, said: “This new strategic project is a reflection of the UAE’s vision to develop a water and electricity sector that ensures optimum utilization of resources. The Emirate of Abu Dhabi supports the initiatives of the Government of the United Arab Emirates through the use of reverse osmosis technology in desalination of high efficiency water.
He added that the financing of this project is of particular importance in terms of its financial structure conforming to international quality standards, which will open new horizons for more future projects, which in turn will contribute to enhancing the efficiency and efficiency of the water and electricity production sector in the UAE.
Mohammed Abdullah Abu Nayan, Chairman of ACWA Power, said: “The successful completion of the financial closure of the world’s largest reverse osmosis desalination project confirms the position of ACWA Power and the reliability of local and international financial institutions. The independent producer / IWP / launched by the Emirates Water and Electricity Company to raise the efficiency of the water sector in the country.
He pointed to ACWA Power’s ability to implement this important strategic project which will achieve a qualitative leap in the water desalination sector in the UAE in terms of efficiency, productivity and economic capacity, as well as contribute to the promotion of sustainable development efforts and the preservation of the environment.
The plant is expected to produce around 909,200 cubic meters of desalinated water per day, outperforming the world’s largest reverse osmosis plant with a current capacity of 624,000 cubic meters per day, enabling the plant to supply more than 350,000 families with water. Daily.
