The UK’s HSBC has been appointed as financial adviser to Abu Dhabi Water & Electricity Authority (Adwea) on the development of the Shuweihat 3 (S3) power project.
HSBC has a long history with Adwea, and has advised the utility on the Shuweihat 2 project, which was financed in late 2009. It also worked on two Fujairah power and water projects which were financed in 2006 and 2007.
The S3 scheme will be Adwea’s first independent power project (IPP), as its previous projects have all included water supply. S3 will produce 1,600MW.
France’s BNP Paribas and Japan’s Sumitomo Mitsubishi Banking Corporation also competed for the financial advisory mandate on the project.
Adwea is planning to bring S3 online in mid-2013, with a successful developer holding 40 per cent of the equity in the project, in line with the Adwea model.
Potential developers were asked to submit a statement of qualifications to be prequalified for the development by 25 February, and prequalified bidders are expected to be announced before the end of March.