Home News Abu Dhabi energy transmission undertaking indicators $3.2 bln financing

Abu Dhabi energy transmission undertaking indicators $3.2 bln financing

by Dubai Forum
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DUBAI, Sept 29 (Reuters) – Abu Dhabi Offshore Energy Transmission Firm has secured greater than $3.2 billion in financing with export credit score companies and banks for an offshore electrical energy transmission undertaking, the Japan Financial institution for Worldwide Cooperation mentioned in a press release.

The financing is to construct and function a high-voltage direct present offshore energy transmission system linking two offshore manufacturing services owned by state-controlled oil large Abu Dhabi Nationwide Oil Firm (ADNOC) to Abu Dhabi’s onshore grid.

Japan Financial institution for Worldwide Cooperation (JBIC) offered $1.201 billion for the direct present transmission undertaking. The remaining $2 billion was financed by Export-Import Financial institution of Korea, Mizuho (8411.T), Sumitomo Mitsui Banking Company (8316.T), BNP Paribas Fortis (BNPP.PA) and Normal Chartered (STAN.L), JBIC mentioned within the assertion on Wednesday.

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“The undertaking will obtain fee of energy transmission fees from ADNOC for 35 years after the development has been accomplished,” JBIC mentioned.

ADNOC and JBIC signed a memorandum of understanding in November to cooperate on decarbonization, power transmission and power effectivity.

JBIC mentioned the undertaking was in step with the United Arab Emirates’ dedication in October final 12 months to chop carbon dioxide emissions to web zero by 2050.

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Reporting by Yousef Saba
Enhancing by Mark Potter

Our Requirements: The Thomson Reuters Belief Ideas.

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