Financial adviser set to be appointed soon
The Emirates Nuclear Energy Corporation (Enec) is preparing to issue tenders for legal advisers to work on the region’s first nuclear power project in May.
The project will comprise four nuclear reactors to be built at a site in the emirate’s Western Region.
Enec has filed applications to build the project at its preferred site at Braka on the coast, near the Saudi Arabian border (MEED 25:4:10).
Enec evaluated 10 sites across the UAE, and then narrowed that group to a set of preferred and alternate sites, which were subject to further evaluation.
The preferred site, including area set aside for temporary construction space, covers approximately 13 square kilometres.
Enec has been engaged in talks with four banks as it seeks to appoint a financial adviser to assist with the development of the scheme. According to sources close to the project, an adviser has been earmarked and a formal appointment is expected to follow shortly.
UK-based KPMG is also advising Enec on the project and Standard Chartered is working for Korea Electric Power Corporation (Kepco), the contractor on the scheme.
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