Mubasher: The Barakah First Company, affiliated to the joint venture between the Emirates Nuclear Energy Corporation and the Korean Electric Power Company (KEPCO), announced the completion of the refinancing of the Barakah Nuclear Power Plants, in cooperation with UAE financial institutions.
The Barakah One Company, which is responsible for the financial and commercial aspects of the Barakah plants, refinanced the entire outstanding balance under the loan facility of the Export-Import Bank of Korea, which is the export credit agency of the Republic of Korea, which was committed in 2016 and which pertains to the construction and development of the Barakah plants.
The process of refinancing the Korean Bank loan facilities was carried out through new loan facilities financed by Abu Dhabi Commercial Bank and First Abu Dhabi Bank, which highlights the great confidence in the Barakah stations project, as well as the returns of the new economic stations for the UAE, in addition to the returns achieved for the development of the series Local supply and provide thousands of jobs for the citizens of the state.
The refinancing process highlights the continuous progress in the process of developing the Barakah stations through the commercial operation of three of the Barakah stations, which produce environmentally friendly electricity for the country on a commercial basis around the clock, while the fourth station has recently started the stage of operational preparations.
Mohamed Ibrahim Al Hammadi, Managing Director and CEO of the Emirates Nuclear Energy Corporation, said: “The success of the Barakah One Company in completing the financing of the Barakah power plants is an important step in the process of developing this project, which has become a fundamental pillar of sustainable development in the UAE, in addition to being a new reference model for the world.” With regard to the development of nuclear energy projects, which highlights that new nuclear energy projects such as the Barakah plants are bankable and can be completed in a timely manner, while continuing to adhere to the highest standards of safety and quality.”
Al Hammadi added, “We are proud of the participation of two of the largest banks in the UAE in providing financing for the UAE peaceful nuclear program, which confirms the long-term returns of Barakah plants in promoting sustainable economic growth in the country.”
For his part, Nasser Al Naseri, CEO of Barakah One Company, said: “We appreciate the role played by the Export-Import Bank of Korea during the development phase of Barakah stations, and as we move now to the next stage and full operation, we are proud of the confidence enjoyed by Barakah stations, which is evident in this investment.” New from Abu Dhabi Commercial Bank and First Abu Dhabi Bank, and we look forward to the next sixty years during which the Barakah stations will continue to produce environmentally friendly electricity for the UAE.
Barakah stations play a leading role in achieving the goals of the country’s strategic initiative for climate neutrality 2050, as it produces environmentally friendly electricity around the clock, while reducing millions of tons of carbon emissions.
The Corporation is currently focusing on promoting innovation in new nuclear energy technologies, including mini-modular reactors, synthetic fuels and carbon-free hydrogen, in order to support the transition to environmentally friendly energy sources in the country.
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2023-07-04 18:38:00
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