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Barakah One Company, a joint venture between the Emirates Nuclear Energy Company (Enec) and the Korea Electric Power Corporation (Kepco), has successfully completed the landmark refinancing of the Barakah Nuclear Power Plant in partnership with major UAE banking institutions.
Barakah One has refinanced the entire outstanding balance against a loan line provided by the Korea Export-Import Bank (KEXIM), Korea’s export credit agency.
Such facilities were originally commissioned in 2016 for the construction and development of the Barakah plant. The KEXIM loan facility has been refinanced through a competitive market process, culminating in the selection of two leading UAE banks: Abu Dhabi Commercial Bank (ADCB) and First Abu Dhabi Bank (FAB).
The refinancing demonstrates not only continued strong investor confidence in the project, but also how the Barakah factory can create further economic value in the UAE, beyond positive impacts on local supply chains and job creation for UAE nationals.
The refinancing reflects the natural progression of the development of the Barakah plant as the project continues to progress to full four-unit commercial operation.
Barakah has three reactors that currently provide the UAE with ample clean electricity, and a fourth reactor has recently entered into operational readiness.
Mohamed Ibrahim Al Hammadi, Managing Director and Chief Executive Officer of Enec, said: “We are delighted that Barakah One Company has successfully completed the refinancing of the Barakah factory, a flagship project for sustainable development in the UAE.”
“We have shown the world a new model for nuclear energy development, proving that new nuclear projects like Barakah can be financed and delivered in a timely manner, while continuing to meet the highest safety and quality standards. We are proud to have two of the UAE’s largest One of the largest banks in the world is financing our plan, further demonstrating the far-reaching benefits of barakah in stimulating sustainable economic growth,” he added.
Nasser Al Nasseri, Chief Executive Officer of Barakah One Company, said: “We appreciate K-EXIM’s role in the development phase of the Barakah plant and are pleased with the confidence shown as we now transition to full operations and enter the next phase With the partnership between ADCB and FAB, we look forward to producing clean electricity for the UAE through the Barakah plant over the next 60 years.”
He said the Barakah power plant was a major contributor to the country’s 2050 net-zero emissions target, producing clean electricity 24/7 while preventing millions of tonnes of carbon emissions.
Once in commercial operation, unit 4 will bring the total clean power generation capacity of the Barakah power plant to 5.6GW, equivalent to 25% of the UAE’s electricity demand, and provide more than 40TWh of clean electricity per year.
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