Banks have submitted bids for the role of financial adviser on an expansion of the Fujairah F1 independent power and water project (IWPP).

Bids went in on 15 January and are currently under assessment, according a source from the banking market.

The current Fujairah F1 IWPP has a power capacity of 893 megawatts and a seawater desalination capacity of 100 million imperial gallons a day or 455,000 cubic metres per day.

The planned expansion aims to increase the plant’s desalination capacity by up to 30 million imperial gallons a day (g/d). In January, Sembcorp awarded Spain’s Acciona an estimated $190m contract to design and build the expansion for the desalination component of the facility. It will also provide operation and maintenance (O&M) services for seven years for the scheme. The expansion is scheduled to be completed by 2015

The existing IWPP was completed in March 2009 with financial close of the project reached in June 2004.

The plant is owned by Emirates Sembcorp Water and Power Company, which is a joint venture of Singapore-headquartered Sembcorp,  Abu Dhabi Water & Electricity Authority (Adwea) and Abu Dhabi National Energy Company (Taqa).