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The Japan Bank for International Cooperation (JBIC) is helping to finance a power and desalination project in the United Arab Emirates (UAE).
JBIC has signed a loan agreement with the Taweelah Asia Power Co (TAPCO) based in Abu Dhabi. The loan, totalling an aggregate amount of US$2.2 billion, will provide long-term funds for the project that seeks to upgrade the existing natural gas fired, combined cycle power generation and desalination plant, and also expand the facilities at Taweelah. The electricity and water produced by the plant will be sold to the Abu Dhabi Water and Electricity Co for a period of 20 years.
The project will increase the plant's total power generation capacity to 2000 MW and total desalination capacity to about 624 600 m 3 (165 million gallons) per day. This is the first loan that JBIC has provided for a large infrastructure project in UAE on a project-financing basis.
Demand for power and water in Abu Dhabi is set to grow, reflecting the country's good macroeconomic conditions. To meet the projected growth in demand and improve the economic efficiency and services of their supplies, the Abu Dhabi government is actively promoting Independent Water and Power Projects (IWPP). Independent water and power producers build and operate power generation and water desalination plants on their own, and sell the electricity and water they produce.
The loan was co-financed by 15 financial institutions, including the Bank of Tokyo-Mitsubishi, Mizuho Corporate
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