Bank group emerges for UAE nuclear deal

29 November 2012

Financing for $20bn Abu Dhabi nuclear power plant set to close before year end

The bank group funding the Emirates Nuclear Energy Corporation (Enec) power project in Abu Dhabi is understood to include the UK’s HSBC and Standard Chartered, and the local National Bank of Abu Dhabi, Union National Bank and First Gulf Bank.

The bank tranche of the $20bn debt financing is only $2bn, with the rest split between $10bn from the Export Import Bank of Korea (Kexim), about $2bn from the Export Import Bank of the US (US Exim), and $6bn in direct funding from the government of Abu Dhabi.

The deal is set to close in December, after plans to sign the loan on 20 November were delayed while it awaited a final approval from the Abu Dhabi Executive Council.

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