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Barakah One, a joint venture between the Emirates Nuclear Energy Corporation (ENEC) and the Korea Electric Power Corporation (KEPCO), in partnership with major banking institutions, has successfully completed the landmark refinancing of the Barakah Nuclear Power Plant in the UAE.
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 Plant, the flagship sustainable development project in the UAE. We have shown the world a new dimension in the development of nuclear energy. model, proving that a new nuclear project like Barakah is bankable and can be delivered in a timely manner while continuing to meet the highest safety and quality standards. We are proud that two of the largest banks in the UAE have financed our program, which is further evidence It demonstrates the far-reaching benefits of baraka in stimulating sustainable economic growth.”
Nasser Al Nasseri, Chief Executive Officer of Barakah One Company, said: “We appreciate the role K-EXIM has played in the development phase of the Barakah plant and as we now transition to full operations and move into the next phase, we are delighted as we look to the next sixty ADCB and FAB showed confidence when producing clean electricity for the UAE through the Barakah plant in 2019.”
The Barakah plant is a major contributor to the nation’s 2050 net-zero emissions target, producing clean electricity 24/7 while preventing millions of tonnes of carbon emissions. ENEC is currently focused on driving innovation in new technologies, including Small Modular Reactors (SMRs), clean molecules, synthetic fuels and clean hydrogen, to support the UAE’s ongoing clean energy transition.
Already, Barakah has had a transformative impact on the UAE’s energy landscape, leading the rapid decarbonization of the UAE’s electricity sector. 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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