Oct. 20. 2009
Marubeni Corporation (“Marubeni”) are pleased to announce that Ruwais Power Company, a 20% owned subsidiary of Marubeni, GDF SUEZ 20% and Abu Dhabi Water & Electricity Authority (“ADWEA”) the remaining 60%, signed the loan agreement of over USD 2 billion limited-recourse financing for the Shuweihat S2 Independent Water and Power Producer (“IWPP”) project in the United Arab Emirates on 19th October 2009.
This loan agreement took the form of co-financing between the Japan Bank for International Cooperation and fourteen commercial banks including four Japanese commercial banks namely, Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ Ltd., Mizuho Corporate Bank, Ltd. and The Sumitomo Trust and Banking Co., Ltd.
This project includes the construction of 1,500 MW power and 100MIGD seawater desalination plant. All power and water production capacity will be sold under the 25-year power and water purchase agreement to the Abu Dhabi Water and Electricity Company.
Marubeni has four IWPP projects in ADWEA’s power and water projects. We have participated in Taweelah B, Fujairah F2, Taweelah A2 and Shuweihat S2.