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ZAWYA-PRESSR: TAQA and EWEC announce financial closing for the 1 GW Al Dhafra power plant
ZAWYA-PRESSR: TAQA and EWEC announce financial closing for the 1 GW Al Dhafra power plant
About this update from Taqa Arabia
Abu Dhabi, UAE – Abu Dhabi National Energy Company PJSC (“TAQA”), one of the largest listed integrated utility companies in Europe, the Middle East and Africa, together with Emirates Water and Electricity Company (EWEC), a leading company in the integrated planning, purchasing, supply and system despatch services of water and electricity across the UAE, today announced the financial closing of the ~ AED 3.6 billion 1 GW Al Dhafra Power Plant which will provide power to data centre projects and advance the UAE National Strategy for Artificial Intelligence 2031.The project is primarily funded ~85% through debt financing from both local and international banks, including, Standard Chartered Bank, Abu Dhabi Commercial Bank, Agricultural Bank of China, Doha Bank, First Abu Dhabi Bank, HSBC, ICBC, KFW, National Bank of Kuwait, RAK bank, Woori Bank, Abu Dhabi Islamic Bank PJSC, Boubyan Bank and Ajman Bank. Construction of the Al Dhafra Gas Turbine project has already begun and is being developed by TAQA at an accelerated and unprecedented pace.TAQA owns 100 per cent of both the project company and the operation and maintenance (O&M) company. It will build, own and operate this 1 GW plant. The financial close of this critical infrastructure project follows the announcement of TAQA signing a 24-year Power Purchase Agreement (PPA) with EWEC in April.Dr. Frank Possmeier, Chief Investment Officer, TAQA’s Generation business, said: “AI represents a major opportunity for both economic growth and increased energy demand. Meeting this demand requires an agile, secure, and sustainable energy mix that prioritises decarbonisation and flexibility. The Al Dhafra Gas Turbine Power Plant exemplifies this approach. TAQA has taken the project from inception to development, through to beginning construction, and now to financial close at record speed —demonstrating our agility and commitment to supporting the rapid growth in energy needs driven by AI data centres. The plant also plays a crucial role in providing flexible baseload power that enables greater integration of renewable energy into the system. We are proud to celebrate this milestone, and landmark projects like this reinforce TAQA’s position as a market leader and partner of choice for reliable, sustainable power generation.”Mohamed Almarzooqi, Chief Asset Development & Management Officer of EWEC, said: “The financial c...