Abu Dhabi National Energy Company, also known as Taqa, has reached financial close for a 2.4 gigawatt gas-fired power plant in the emirate of Fujairah – the largest such scheme in the UAE.
The Fujairah F3 independent power producer (IPP) project, expected to cost Dh4.2 billion, is set to power 380,000 households upon completion in the third quarter of 2022. An IPP refers to a private entity that generates power for sale to a utility or end users.
The financial close follows the completion of power purchase and shareholders’ agreements between Abu Dhabi Power Corporation (ADPower), Emirates Water and Electricity Company (EWEC), Mubadala Investment Company and Japan-based Marubeni Corporation.
Taqa and Mubadala will hold a joint 60 per cent stake in the project, with the remainder held by Marubeni.
The funding for the project will be sourced from a consortium of banks including Japan Bank for International Cooperation, BNP Paribas Fortis SA/NV, Mizuho Bank, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, and Standard Chartered Bank.
The power project in Fujairah “is a landmark for Taqa and its generation assets", Taqa’s new chief executive Farid Al Awlaqi said.
"It will be the largest gas-fired power plant in the UAE, and by utilising advanced combined cycle technologies, it will be one of the most efficient in the region,” Mr Al Awlaqi said.
The financial close "accelerates the transformation of the power and water sector”, he added.
The Fujairah F3 plant will be located in the emirate’s Qidfa area between the existing Fujairah F1 and F2 power plants.
Earlier this month, Taqa completed its transaction with ADPower to create one of the largest utility companies in the Europe, Middle East and Africa region with total assets worth about Dh200bn.
As per the terms, ADPower transferred the majority of its water and electricity generation, transmission and distribution companies to Taqa in return for convertible shares in the latter.
Following the deal, Moody's upgraded Taqa's issuer rating to Aa3 from A3 and its short term rating to P-1 from P-2. The ratings agency said that the new assets have a "significant positive impact on Taqa's business and financial profiles".
Taqa is also intending "to seek an increase to the free float through a follow-on public offering".
Company%20Profile
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Company Profile
Company name: NutriCal
Started: 2019
Founder: Soniya Ashar
Based: Dubai
Industry: Food Technology
Initial investment: Self-funded undisclosed amount
Future plan: Looking to raise fresh capital and expand in Saudi Arabia
Total Clients: Over 50
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Real Madrid 1
Ronaldo (87')
Athletic Bilbao 1
Williams (14')
Honeymoonish
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Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
From exhibitions to the battlefield
In 2016, the Shaded Dome was awarded with the 'De Vernufteling' people's choice award, an annual prize by the Dutch Association of Consulting Engineers and the Royal Netherlands Society of Engineers for the most innovative project by a Dutch engineering firm.
It was assigned by the Dutch Ministry of Defence to modify the Shaded Dome to make it suitable for ballistic protection. Royal HaskoningDHV, one of the companies which designed the dome, is an independent international engineering and project management consultancy, leading the way in sustainable development and innovation.
It is driving positive change through innovation and technology, helping use resources more efficiently.
It aims to minimise the impact on the environment by leading by example in its projects in sustainable development and innovation, to become part of the solution to a more sustainable society now and into the future.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh289,000
Dengue%20fever%20symptoms
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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