Abu Dhabi National Energy Company PJSC together with Emirates Water and Electricity Company (EWEC) 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% 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.
