US$3.8 billion Financing received for 3.2 GW Offshore Transmission Network

Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Energy Company PJSC (TAQA) have announced the financial closing of their 3.2 GW Offshore Transmission Network in the MENA region, UAE.

The project involves the development of a transmission network that comprises two independent sub-sea high-voltage direct current (HVDC) links and converter stations. The system is being developed by a consortium comprised of Korea Electric Power (KEPCO), Kyushu Electric Power Company (Kyuden) and Électricité de France (EDF) on a  build, own, operate and transfer (BOOT) model. The KEPCO-led Consortium collectively holds a 40% stake in the project whereas ADNOC and TAQA each own a 30% stake.

The project received a combined investment of US$3.8 billion from KEPCO-led Consortium, commercial lenders and Export Credit Agencies.

The development is expected to reduce the carbon footprint of ADNOC’s offshore operations by more than 30%, replacing existing offshore gas turbine generators with more sustainable power sources. The commercial operation of the project is anticipated in 2025.