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WorldMiddle EastTAQA and Engy reach $620 million financing agreement for Port 2

TAQA and Engy reach $620 million financing agreement for Port 2

The project will be financed mainly (78%) by loans from a group of local and international banks, including: Abu Dhabi Islamic Bank BNP Paribas Bank Sumitomo Mitsui Banking Corporation Norinchukin Bank BNP Paribas Bank KFW Apex GMBH

This comes after TAQA and Engie signed a water purchase agreement with Emirates Water and Electricity last February.

The “Marfa 2” plant, which will become the third largest reverse osmosis desalination plant in the United Arab Emirates, will produce 120 million gallons of water per day when fully operational, which is equivalent to approximately 550,000 meters drinking water cubes.

It is expected that the station will enter into service in the last quarter of 2025, and “TAQA” will hold a 60% stake in the station, and “ENGIE” will hold a 40% stake with a 40% share. As for Emirates Water and Electricity, it will buy the water produced by the plant for a period of 30 years.

The Mirfa 2 reverse osmosis desalination plant will use highly efficient technology that is up to 6 times more efficient than conventional thermal desalination technologies. This technology also helps reduce carbon emissions by separating power generation from water desalination, supporting the energy sector’s efforts to reduce costs and meet sustainability goals.

This project of this size and quality will benefit the local economy, as construction, engineering and procurement will be undertaken by Al Nasr Contracting Company, one of Abu Dhabi’s contracting companies, together with the International Society for Water Desalination (SEDEM).

In this regard, Farid Al-Awlaki, Executive Director of Power Generation and Water Desalination Business Unit of Abu Dhabi National Power Company (TAQA), said: “TAQA is proud to invest in the development, ownership and operation of this vital water project. in Abu Dhabi, which helps to support the decarbonization efforts of the United Arab Emirates, in addition to contributing to TAQA’s efforts to achieve its emission reduction objectives, this project is part of our ESG and growth strategy, which aims to increase our investments in water desalination using high-efficiency reverse osmosis technology to represent two-thirds of our total production capacity by 2030. The Harbor 2 plant will allow us to accelerate our efforts to separate our production electricity from water desalination operations to further reduce our carbon footprint. In addition, this project provides essential support to TAQA “To be able to continue its efforts to strengthen its capacities in the field of operation and maintenance, which is a major element of our strategic ambition for growth by 2030 . »

He added: “In conjunction with the Year of Sustainable Development and in preparation for hosting the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP 28), it is important to highlight world-class projects like this that embody our sustainability ambitions and help keep water secure.” , which is one of the most important global challenges today, and one of the main items on the agenda of the conference, which will be held here in the United Arab Emirates this year.

For his part, Othman Juma Al Ali, CEO of Emirates Water and Electricity Company, said: “The ‘Port 2’ plant project is Emirates Water and Electricity Company’s fifth project to desalinate water using low carbon reverse osmosis technology to date. , and it will be the third largest desalination plant. Water with this technology in the UAE when it enters full commercial operation. This achievement reflects the role played by Emirates Water and Electricity Company in supporting such world-class projects in the utility sector, working with key local and international partners to contribute significantly to accelerating the pace of transformation. of the local energy sector and to provide sustainable and secure water supply at an affordable cost, in line with the UAE Water Security Strategy 2036.”

He added, “The launch of a cluster of water desalination projects using reverse osmosis technology, which is attracting more investment in the utility sector, is an integral part of the company’s strategic initiative. Emirates Water and Electricity Company to separate power generation from water desalination operations, which would enable the company to meet the clean energy strategic targets for 2035, announced by the Department of Energy – Abu Dhabi to reduce carbon emissions by up to 75%. Through our initiatives, we hope to produce more than 90% of desalinated water using reverse osmosis technology by 2030, which will help reduce emissions Carbon from desalinated water production processes has increased by 88%.

Commenting on this announcement, Frederic Clowes, Managing Director of Soft Generation and Retail at ENGIE in Asia, the Middle East and Africa, said: “Successful and fruitful cooperation is based on strong partnerships with well-established foundations. , we are pleased to cooperate with the group again.” “TAQA” to establish a large-scale water desalination plant, benefiting from its long experience in the field of water desalination by focusing on the establishment plants based on reverse osmosis technology.

He added: “And based on the global goals of achieving climate neutrality by 2045, we at ENGIE continue to seek ways to remove carbon from our existing operations, while conducting more research and studies on new membrane technologies and improvements that can be made in our stations to improve their efficiency in terms of efficiency. in the use of energy.

It should be noted that the project of the “Port 2” station consolidates the leading position of the UAE, and also contributes to increasing efficiency and building its capacity in the field of water desalination, which is very vital , especially in light of the growing threats facing the world today, resulting from water scarcity due to climate change. In addition to the above, the project will help redirect value to the local economy and create new employment opportunities in the port city located in the Al Dhafra region of the Emirate of Abu Dhabi.

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