- Abu Dhabi state-controlled energy company Emirates Nuclear Energy Corporation (ENEC) is devleoping the UAE's first nuclear power plant, Barakah,in Abu Dhabi with Korea Electric Power Corporation (KEPCO), Korea's largest electricity utility.
- The commercial interests of the project are held by Barakah One, which is 82% owned by ENEC, and 18% by KEPCO.
- When complete, the plant will have four units producing a combined 5,600MW in electricity.
- Construction of the plant's first unit began in 2012 and by late 2016 four units were 70% complete.
- The initial build cost of $30 million consisted of a $10 billion equity investment from the sponsors, $10 billion export-credit agency debt, and $10 billion bank and sovereign debt.
- In October 2016, the project's developers negotiated a new finance facility of $24.4 billion to complete Barakah.
- The majority of the financing package will come from $19.6 billion in loans - $16.2 billion from Abu Dhabi's government, $2.5 billion from The Export-Import Bank of Korea, and $250 million from the National Bank of Abu Dhabi (NBAD), First Gulf Bank, HSBC and Standard Chartered.
- The deal also includes a combined $4.7 billion equity commitment from ENEC and KEPCO.
- The plant is scheduled to be operational by 2020.
Ben Naylor - Regional editor