The United Arab Emirates has attracted $24.4bn in funding for the first nuclear power plantas part of an overall nuclear energy for the country.
A Korea Electric Power Corporation (Kepco)-led consortium will build four 1,400 MW nuclear reactors at the Barakah plant to meet the UAE‘s surging demand for electricity.
Emirates Nuclear Energy Corp (ENEC) and Kepco jointly own the Barakah nuclear energy plant project.
The financing comprises direct loans of $19.6bn with $16.2bn from the Abu Dhabi government and another $2.5 billion from the Export-Import Bank of Korea (Kexim), a joint statement from the developers said.
It also includes equity commitments from Enec and Kepco totaling $4.7bn as well as a $250m loan provided by National Bank of Abu Dhabi, First Gulf Bank, HSBC and Standard Chartered.
The Barakah plant is scheduled for completion in 2020, with construction having started in 2012. With four reactors online, the facility will deliver up to a quarter of the UAE’s electricity needs and save up to 12 million tonnes in carbon emissions every year.
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