UK consultancy firm Atkins has been appointed to act as the lender’s technical adviser for the UAE’s nuclear power project.
The project is currently being financed and Atkins will advise the export credit agencies (ECAs) and commercial banks on the project.
The ECAs and commercial banks are each expected to provide roughly one-third of the financing for the 5,600MW nuclear plant. The remaining one-third is set to be provided in equity from Emirates Nuclear Energy Corporation (Enec) and other sponsors of the project.
The advisory contract will run for the entire construction period of the four reactors, which were procured from a South Korean consortium led by Korea Electric Power Corporation (Kepco) in 2009.
Until the reactors become operational, the company will monitor and report on construction and commissioning activities.
Enec is also advised by Switzerland’s Credit Suisse, the Netherlands’ KPMG and the UK’s HSBC and Norton Rose. Kepco is advised by the UK’s Standard Chartered.