GE secures $1bn financing for 1.8GW independent power plant in UAE


GE and its partners have secured approximately $1bn in financing from Japan Bank for International Cooperation (JBIC), Japanese export credit agency (ECA) and private financial institutions for the proposed 1.8GW Hamriyah Independent Power Company in Sharjah, UAE.

Co-developers GE and Sumitomo have formed equity consortium with Shikoku Electric Power Company and Sharjah Asset Management, the investment arm of the Government of Sharjah, for the project, which is  claimed to be Sharjah’s first independent combined cycle power plant.

The consortium will build, own and operate the project, which is expected to be most efficient of its kind in the Middle East’s utilities sector.

The power plant is scheduled to be commissioned in 2021 and reach full commercial operations by the summer of 2023.

Electricity produced by the proposed power plant will be sold to Sharjah Electricity & Water Authority (SEWA) under a 25-year power purchase agreement (PPA).

GE Energy Financial Services’ global power leader Susan Flanagan said: “Sourcing financing from the public and private sectors to fund Sharjah’s first independent combined-cycle power plant demonstrates the region’s attractiveness for foreign investment and GE’s ability to connect global capital to significant infrastructure projects.”

GE will be responsible for supplying three 9HA gas turbines, three steam turbines, six generators, three heat recovery steam generators (HRSG) for the power plant.

In addition to providing turnkey engineering, procurement and construction (EPC) services, GE will provide parts, repairs and maintenance services for the power generation assets at the site for a 25-year period.

GE said that the three HA turbines in combined cycle operation will help SEWA reduce CO2 emissions by up to four million tons per year, compared to current levels.

GE’s Gas Power Systems and Power Services businesses in the Middle East and South Asia president and CEO Joseph Anis said: “GE has contributed to the growth of the Gulf Cooperation Council’s (GCC’s) power sector for over 80 years and GE-built technologies generate up to 60 percent of Sharjah’s electricity today.”

Image: GE will deliver three 9HA gas turbines for the Sharjah’s first independent combined cycle power plant. Photo: courtesy of General Electric.

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