Marubeni : has Entered into a Power Purchase Agreement for Fujairah F3 Independent Power Project in the United Arab Emirates
February 21, 2020 at 02:58 am
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February 21 2020
Marubeni Corporation
Marubeni Corporation has Entered into a Power Purchase Agreement for
Fujairah F3 Independent Power Project in the United Arab Emirates
Marubeni Corporation (hereinafter, "Marubeni") is pleased to announce that Marubeni has signed a Power Purchase Agreement (hereinafter, "PPA") with Emirates Water and Electricity Company (hereinafter, "EWEC"), a leading company in the coordination, planning and supply of water and electricity across the UnitedArab Emirates (hereinafter, "UAE"), for the Fujairah F3 Independent Power Project, to be located in Qidfa, in the Emirate of Fujairah, in the UAE.
Marubeni, through a special purpose company to be owned by Marubeni (40%) and Abu Dhabi Power Corporation (hereinafter, "AD Power") (60%), will build, operate, maintain and own the 2,400MW Combined Cycle Gas Turbine (hereinafter, "CCGT") plant, which will be the largest CCGT power plant in the UAE. The PPA is contracted for a 25-year period.
Mr. Othman Al Ali, Chief Executive Officer of EWEC, said: "The Fujairah F3 IPP project will apply one of the most efficient and advanced CCGT technologies available in the region, producing more energy that aligns with the UAE Energy Strategy 2050's CO2 emissions reduction targets. It will play a strategic role in the growth and development of the UAE, providing secure and reliable power to match the needs of consumers in Abu Dhabi and the UAE. As part of the tender process, EWEC conducted a robust due diligence exercise, in line with the UAE energy industry's world-class standards, in order to select the most attractive technical and commercial bid for this project."
It will be Marubeni's 6th power (and water) project to the Emirate of Abu Dhabi, adding to the existing Taweelah B IWPP(*), Fujairah F2 IWPP, Taweelah A2 IWPP, Shuweihat S2 IWPP, and Sweihan PV IPP(*).
Project
Capacity (Electric Power）
Capacity (Water)
Taweelah A2 (IWPP)
710 MW
50 MIGD
Taweelah B (IWPP)
2,000 MW
160 MIGD
Fujairah F2 （IWPP）
2,000 MW
130 MIGD
Shuweihat S2 （IWPP）
1,500 MW
100 MIGD
Sweihan PV （IPP）
1,177 MW
-
Marubeni have IPP projects assets with more than 12.5GW net generation capacity across 19 countries. Marubeni will continue to deploy its expertise and experience in the power generation business, and at the same time contribute to the establishment of a sustainable society by providing reliable sources of power that are also environmentally friendly.
（*）IPP : Independent Power Producer
IWPP : Independent Water and Power Producer
[Project Outline - Fujairah F3 Independent Power Project]
Shareholders:
Marubeni 40% / AD Power 60%
Generation Capacity:
2,400 MW
Commercial Operation Date: April, 2023 (Scheduled)
Off-taker:
EWEC
Contract Period:
25 years
[Outline of EWEC]
Year Founded:
2018
Chief Executive Officer:
Mr. Othman Al Ali
Head Office:
Abu Dhabi, UAE
Line of Business:
EWEC ensures the supply of power and water to consumers in the Emirate of Abu
Dhabi and beyond. The company is responsible for purchasing, selling, planning,
organising and managing supply and demand of power and water. EWEC is
committed to identifying opportunities and the development of power and water
generation facilities, with a focus on sustainability and renewable technologies. For
more information please visit ewec.ae.
[Outline of AD Power]
Year Founded:
2019
Chief Executive Officer:
Mr. Jasim Thabet
Head Office:
Abu Dhabi, UAE
Line of Business:
AD Power is an active investment manager in the water and electricity sector
based in Abu Dhabi. Its goal is to deliver value to its shareholders - the
Government and people of Abu Dhabi - whilst ensuring the evolution of the utility
sector to guarantee electricity, water and waste water services to the people of
Abu Dhabi and the UAE. It does this through active asset management of key
investments in the utilities sector across the UAE.
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Marubeni Corporation published this content on 21 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 February 2020 02:56:00 UTC
Marubeni Corporation is a diversified group organized primarily around 12 business segments:
- sale of agricultural products and related services (47% of net sales): sale of agricultural inputs (crop protection products, fertilizers, seeds, etc.), precision farming services, formulation of crop protection products, export of cereals and oilseeds, etc.;
- sale of food products (17.6%);
- production and distribution of oil, gas, alternative energy and electricity (10.4%);
- production of chemicals and petrochemicals (6.4%);
- production of metals and mineral resources (4.9%);
- sale and financing of industrial and construction machinery and equipment (4.6%). The group also develops car sales and tire distribution activities;
- sales of consumer electronics (4.3%). In addition, the group develops real estate development and management activities;
- sale of forest products (2.3%): wood chips and biomass fuel, pulp and waste paper, paper, paperboard, hygiene products, building & construction materials and wood products;
- sale of apparel, accessories, textile and lifestyle products (1.1%);
- management and operation of aircraft and ships (1%);
- development of energy production units and industrial installations (0.3%);
- finance and leasing (0.1%): auto finance, aircraft leasing, aircraft engine leasing, leasing and renting of refrigerated trailers, commercial vehicles and commercial freight railcars, etc.
Net sales are distributed geographically as follows: Japan (37.2%), the United States (42.5%)
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