Abu Dhabi Water and Electricity Authority (Adwea), the emirate's utility, expects to complete financing for its 1600 MW, $1.4bn independent power project at Shuweihat by the end ofApril.
"Bids were received from a foreign consortium and we are working with our partner, Sumitomo, to complete the financial close at the end of April, this year," Adwea director general Abdulla Al Nuaimi told MEED's Arabian Power & Water Summit, reports Dow Jones
Adwea in October last year awarded the $1.4bn contract to build and operate the Shuweihat 3 power plant to a team of Sumitomo and Korea Electric Power Corporation (Kepco).
"Syndication has not started yet," Al Nuami later told reporters on the sidelines of the conference. The utility targets an 80-20 debt-to-equity ratio for its projects, he added. "For the first time, with the involvement of Kepco, we will experience the operating skills of Korean capabilities," Al Nuaimi said.
Abu Dhabi offers international developers 40 per cent of its power projects under the independent power and water producer, or IWPP, model. Al Nuaimi also said the utility will this year announce a new project, but declined to specify the location or power generation capacity.
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