01 March 2011

ABU DHABI Water and Electricity Authority (Adwea) has awarded Korea Electric Power Corporation (Kepco) and Japan’s Sumitomo Corporation a Dh5.5-billion ($1.5-billion) contract to build and operate a gas-fired power station in Abu Dhabi.

Under the agreement, Kepco will invest $54 million for a 19.4 per cent stake and Sumitomo $59.7 million for a 20.4 per cent stake in the 1,600-MW gas-fuelled plant in Shuweihat, 250 km west of the capital, while Adwea will take on the remaining share.

The companies expect to raise the rest of the project’s $1.5-billion budget from the Export-Import Bank of Korea, Japan Bank for International Co-operation and seven international bank syndicates.

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