Potential financial advisers to approached later this year
The Executive Council in Abu Dhabi has approved plans to develop a new independent power and water plant (IWPP) at Mirfa. The project is expected to have a power capacity of around 1,500MW.
The Abu Dhabi Water & Electricity Authority (Adwea) is also expected to approach potential financial advisers for the project later in 2012 and banks could be approached for funding the following year. Adwea had been expected to name which project it would develop next last year.
Most of the power from the plant will be used by Abu Dhabi National Oil Company (Adnoc), according to Adwea.
Adwea’s last project, Shuweihat 3 was developed by a Japanese/South Korean consortium of Sumitomo and Korea Electric Power Company (Kepco), with the UK’s HSBC, White & Case and Germany’s Fichtner acting as advisers to the utility.
It was previously unclear whether Adwea would simply reappoint those advisers for its next project or ask banks to pitch for the work.
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