Japan's Marubeni Corporation has been appointed foreign developer on the Mesaieed independent power project (IPP), after receiving on 15 October a letter of commitment to participate in the state's largest power scheme to date. The letter paves the way for the key project agreements to be signed within two months and for financial close to be achieved on the $2,000 million scheme next March/April (MEED 4:8:06).
Marubeni will take a 40 per cent stake in a new project company, which will undertake the 2,000-MW gas-fired power station on a 25-year, build-own-operate-transfer (BOOT) basis. The other shareholders will be Qatar Electricity & Water Company (QEWC), also with 40 per cent, and Qatar Petroleum (QP), with 20 per cent.The plant will be built by Iberinco, part of Spain's Iberdrola Group, which is Marubeni's nominated engineering, procurement and construction (EPC) contractor. Under the fast-track schedule, 1,000 MW of capacity will come on stream in July 2008, a further 600 MW in 2009, and the remaining 400 MW in the second quarter of 2010. Calyon is providing bank support.
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