19 June 2009 – French energy major GDF Suez has entered into a co-operation agreement with Japanese trading conglomerate Marubeni with relation to the Shuweihat-2 greenfield natural gas-fired installation in the emirate of Abu Dhabi.
Marubeni is acquiring a 20 per cent participation interest in the project, which is expected to deliver 1500 MW of electricity and 454 610 cubic meters of water per day upon completion.
GDF Suez is the original developer and now owns 20 per cent of the project in which Marubeni owns 20 per cent and the Abu Dhabi Water and Electricity Authority (ADWEA) accounts for the remaining 60 per cent. Operation of the plant will be managed by a company jointly established between GDF Suez and Marubeni.
Marubeni is already a partner of GDF Suez in Senoko, a Singapore-based power company, which was acquired in September 2008. Partnering with Marubeni gives GDF Suez the possibility to access additional export credit agencies financing options.
In January 2009, despite the difficult financing environment, GDF Suez and ADWEA successfully secured a $900m interim bridge loan facility with Calyon, Natixis, Bayerische Landesbank, National Bank of Abu Dhabi, Standard Chartered Bank and KfW covering all the ongoing project costs.