UK-based power company International Power Plc (IPR), in alliance with Japanese firms Mitsui & Co. and Tokyo Electric Power Co., have has been selected by the Abu Dhabi Water and Electricity Authority (Adwea) to develop the emirate's fourth independent water and power project (IWPP).
The British-Japanese consortium was bidding against France's Total-FinaElf for a 40 percent stake in the $2.2 billion Umm Al-Nar complex. Adwea will retain the remaining 60 percent equity. The deal will be finalized within a month’s time, while project financing is scheduled for completion by mid-June. The project should be fully operational by mid-2006.
Umm Al-Nar is an existing plant with the capacity to generate 1,100 megawatts of electricity and desalinate 100 million imperial gallons per day (migd) of water. The new contract will see the addition of 1500 megawatts of electricity and 80 migd of water to the complex’s existing capacities.
Shuweihat, Abu Dhabi’s third IWPP, currently under construction at Jebel Dhana, was also awarded to IPR on a build, own and operate basis. The project uncludes a greenfield power generation and water desalination facility with a 1,500-megawatt power capacity and 100 migd of water. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
