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In a statement, the Japan Bank for International Cooperation said the Abu Dhabi Offshore Power Company had raised more than $3.2 billion in financing for offshore power transmission projects with export credit agencies and banks.
The financing will build and operate a HVDC offshore transmission system connecting two offshore production facilities owned by state oil giant Abu Dhabi National Oil Company (ADNOC) to Abu Dhabi’s onshore grid.
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The Japan Bank for International Cooperation (JBIC) provided $1.201 billion for the DC transmission project. The remaining $2 billion is being financed by the Export-Import Bank of Korea, Mizuho, Sumitomo Mitsui Banking Corporation, BNP Paribas and Standard Chartered, JBIC said in a statement on Wednesday.
“The project will receive electricity transmission charges from ADNOC for 35 years upon completion of construction,” JBIC said.
ADNOC and JBIC signed a memorandum of understanding in November to collaborate on decarbonization, energy transmission and energy efficiency.
JBIC said the project is in line with the United Arab Emirates’ pledge to reduce carbon dioxide emissions to net zero by 2050, made last October.
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