Abu Dhabi National Energy Company (TAQA) has concluded financing for its 2.4GW gas-fired power plant in Fujairah, UAE.

The Fujairah F3 independent power producer (IPP) project is expected to begin early power generation in 2022, with full generation planned for 2023.

Once operational, the company expects the plant to generate enough energy to power 380,000 households in the region.

TAQA Generation executive director Farid Al Awlaqi said: “The Fujairah F3 project is a landmark for TAQA and its generation assets, following the company’s integration with ADPower.

“It will be the largest gas-fired power plant in the UAE, and, by utilising advanced combined cycle technologies, it will be one of the most efficient in the region.”

TAQA and Mubadala will jointly own a 60% stake in the project, while Japanese company Marubeni will own the remaining 40%.

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In a statement, the company said the financial closing comes after the signing of a power purchase agreement (PPA) and shareholder’s agreement between Abu Dhabi Power Corporation, Emirates Water and Electricity Company, Mubadala Investment Company and Marubeni.

The power plant has taken an investment of nearly $1.1bn (AED4.2bn). It will be equipped with JAC-class gas turbine technology supplied by Mitsubishi Heavy Power Systems.

External funding for the project was obtained from a consortium including Japan Bank for International Cooperation, BNP Paribas, Mizuho Bank, Sumitomo Mitsui Banking Corporation, Sumitomo Trust Bank, and Standard Chartered Bank.

Marubeni Power Business Division chief operating officer Satoru Harada said: “Fujairah F3 is our sixth IPP project in the UAE, a reflection of our commitment to supporting a sustainable energy sector that offers reliable and environmentally friendly sources of power.

“This project will deliver operational flexibility and state-of-the-art efficiency to reinforce the security of supply and support the integration of zero-carbon power generation assets.”