Barakah Nuclear Power Plant
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 Emirati financial institutions.
Barakah One Company, which is responsible for the financial and commercial aspects of the Barakah plants, refinanced the entire outstanding balance under the Dh9.2 billion ($2.5 billion) loan facility from the Export-Import Bank of Korea, South Korea’s export credit agency, which was complied with in 2016. It is concerned with the construction and development of Barakah stations.
The process of refinancing the Korean Bank loan facilities was completed through a new loan facility of 8.9 billion dirhams ($2.4 billion) funded by two UAE banks, Abu Dhabi Commercial Bank and First Abu Dhabi Bank.
The refinancing process represents a natural development in the process of developing the Barakah stations through the commercial operation of three of the Barakah stations, which started to produce environmentally friendly electricity for the UAE on a commercial basis around the clock, while the fourth station recently started the stage of operational preparations.
Barakah stations play a leading role in achieving the goals of the country’s strategic initiative for climate neutrality 2050, as they produce environmentally friendly electricity around the clock and reduce the release of millions of tons of carbon emissions.
ENEC is currently focusing on promoting innovation in new nuclear energy technologies, including mini modular reactors, synthetic fuels and carbon-free hydrogen, with the aim of supporting the transition to greener energy sources in the UAE.
The Barakah power plants played a pivotal role in developing the energy sector in the UAE with the aim of relying on environmentally friendly sources, as it led the process of accelerating the reduction of the carbon footprint of the energy sector in the UAE. Once commercially operational, the fourth unit of the Barakah plants will increase the total capacity of the Barakah plants to produce environmentally friendly electricity to 5.6 gigawatts, equivalent to 25 percent of the UAE’s electricity needs, and provide more than 40 terawatts of electricity annually.
2023-07-04 11:53:41
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