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Abu Dhabi eyes power project bids by year-end

Abu Dhabi, June 7, 2009

Abu Dhabi will be inviting international companies to bid for its ninth independent water and power project (IWPP), the Taweelah C project, by year-end at the latest, a top official said on Sunday.

Abdulla Saif Al-Nuami, director of privatisation at the Abu Dhabi Water & Electricity Authority (Adwea), said the request for proposals (RFP) will be issued soon after the refinancing for its eighth IWPP Shuweihat 2 is closed.

"It will be after summer, certainly before the year end. It could be October or November this year," he told Reuters by phone.

The Taweelah C project will have capacity of at least 1500 MW of power and 100 million gallons per day (mgpd) of water, he said.

Germany's Fitchner is technical advisor and HSBC will act as financial advisor for the project.

Al Nuami said refinancing for the Shuweihat 2 project is moving ahead with several banks expressing interest. The project is owned 60 percent by Adwea and 20 percent each by GDF Suez and Marubeni Corporation.

"There is good response from banks and we expect to close the financing by October," he said without being more specific.

Abu Dhabi expects power demand to more than triple by 2020 and the government is considering nuclear power plants as a long-term option to meet demand.

In the short-term, power demand growth in Abu Dhabi was expected at around 17 to 20 percent per year. Longer-term power demand growth should average out at around 7 to 8 percent a year through 2030, Adwea said in March. - Reuters




Tags: abu dhabi | adwea | power project |

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