Fujairah F3 Independent Power Project in the United Arab Emirates Wins the Power Deal of the Year
Jan. 19. 2021
Marubeni Corporation (hereinafter, “Marubeni”) is pleased to announce that Fujairah F3 Independent Power Project in the United Arab Emirates (hereinafter, “Project”), was the winner of the Power Deal of the Year. This award recognizes the best power project of the year in the Middle-East and Africa, and is presented by Project Finance International.
The Project includes the construction of a 2,400 MW combined cycle power plant. All generated power will be sold to the Emirates Water and Electricity Company under a 25-year power purchase agreement. The Project is due to start commercial operation in April 2023. In June 2020, Fujairah Power Company F3, jointly owned by Marubeni and the Abu Dhabi Government, signed a limited-recourse financing loan agreement for the Project. This loan agreement took the form of co-financing between six banks; Japan Bank for International Cooperation, Mizuho Bank Ltd., BNP Paribas S.A., Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Limited and Standard Chartered Bank PLC. The immediate achievement of finance close, even during the COVID-19 pandemic, and the development of the largest IPP project in Abu Dhabi were factors in the project receiving this award.
To contribute to building a sustainable society, Marubeni will leverage its substantial experience with IPPs to achieve environmental load reduction and stable power supply.