Bank meetings to be held for UAE nuclear deal

21 June 2012

One-to-one meetings with banks for UAE’s $30bn nuclear scheme will start soon

The Emirates Nuclear Energy Corporation (Enec) will soon hold a series of one-to-one meetings with banks interested in funding the UAE’s nuclear power project, according to sources close to the deal.

Discussions with banks and export credit agencies have already been under way since late last year and the latest round of meetings will occur as the project aims for financial close before the end of the year.

The $30bn project is expected to be financed by around $10bn of bank and export credit agency debt. The financing is being arranged by Credit Suisse and the UK’s HSBC, who are advising Enec, and the UK’s Standard Chartered, which is advising the Korea Electric Power Corporation (Kepco) consortium, the developer of the nuclear project. The first part of the nuclear project is expected to be operational by 2017.

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