UAE's TAQA completes financial closure for Al Dhafra project with AED 3.6 billion in financing.

The financing includes 85% bank loans from local and international banks.

UAE's TAQA completes financial closure for Al Dhafra project with AED 3.6 billion in financing.

 Abu Dhabi National Energy Company (TAQA) and Emirates Water and Electricity Company (EWEC) announced the completion of AED 3.6 billion in financing for the Al Dhafra power plant project, a 1-gigawatt facility.

In a statement, the company explained that the financing comprises 85% of bank loans from local and international banks, and that the project is based on a 24-year power purchase agreement.

TAQA also secured financing of AED 3.6 billion for the Al Dhafra power plant project. The project supports the UAE's Artificial Intelligence Strategy 2031, aiming to increase its power generation capacity to 150 gigawatts by 2030.

According to the statement, financing was secured primarily through bank loans from a group of local and international banks, including Standard Chartered Bank, Abu Dhabi Commercial Bank, Agricultural Bank of China, Doha Bank, First Abu Dhabi Bank, HSBC, Industrial and Commercial Bank of China, German Development Bank, National Bank of Kuwait, Ras Al Khaimah Bank, Woori Bank, Abu Dhabi Islamic Bank, Boubyan Bank, and Ajman Bank.

Construction of the plant has already commenced and is being undertaken by TAQA at an accelerated pace. TAQA holds full ownership in both the project company and the operation and maintenance company, and the project will be implemented under a build-own-operate (BOO) model.