Adwea starts search for financial adviser on power project

27 January 2010

Potential financial advisers to bid by 26 January

Abu Dhabi Water & Electricity Authority (Adwea) has asked banks to submit proposals to act as financial adviser on the development of its independent power plant at Shuweihat, known as Shuweihat 3.

The deadline for banks to respond is 26 January.

“Adwea knows what it wants and has developed a lot of projects, so we expect them to be able to make an award quickly,” says one banker bidding to advise on the project.

Shuweihat 3 will be developed with 1,500MW of capacity and is the first time that Adwea has developed a power scheme without also having a desalination component. Adwea hopes that, by developing the project as a power only one, it will be quicker to build and easier to finance.

Adwea surprised the market earlier this month by deciding to develop Shuweihat 3 ahead of the Taweelah C independent water and power project (IWPP), which had been expected to be the authorities’ next scheme (MEED 14:01:10).

Following the appointment of a financial adviser for the latest project, Adwea plans to issue a request for proposals to potential developers.

Adwea’s last project was the $3.2bn Shuweihat 2 IWPP, on which it was advised by the UK’s HSBC, Germany’s Fichtner and the US’ White & Case as financial, technical and legal advisers respectively.

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