The Emirates Nuclear Energy Corporation (Enec) has appointed Switzerland’s Credit Suisse to advise on Abu Dhabi’s landmark nuclear power project. Credit Suisse will act as financial adviser to Enec, focusing on planning and structuring the transaction.

According to sources close to Enec, the UK’s HSBC has also been earmarked as financial adviser to Enec. The bank is yet to be formally appointed for the role, which includes securing debt commitments for the project.

UK-based KPMG was appointed by Enec to act as financial adviser on the initial stages of the project. Standard Chartered is working for the project’s contractor, Korea Electric Power Corporation (Kepco).

In July, Enec selected UK law firm Norton Rose as legal adviser for the power plant, which will be the region’s first atomic power facility. The scheme will comprise four nuclear reactors to be built at a site in the Abu Dhabi’s Western Region.

Enec filed applications in April to build the project at its preferred site at Baraka on the coast, near the Saudi Arabian border. The Federal Authority for Nuclear Regulation approved two permits relating to Enec’s proposed site for the project in July.  

The atomic energy body 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 an area set aside for temporary construction space, covers approximately 13 square kilometres.