GDF Suez holds a 20% equity interest in the project with the remaining 80% held by Abu Dhabi Water and Electricity Authority (ADWEA).
No details on terms for the bank debt were given, nor the split between debt and equity. However, ADWEA did state that a consortium of 13 local and international financial institutions are funding the project, with nearly US$500 million of debt committed by four Abu Dhabi banks.
The project will be built at a capital cost of approximately US$1.5 billion and will involve the acquisition of certain existing water and power facilities, the development, design, engineering and construction of new power and water facilities, as well as the operation of the plant. When finished, and with the existing and new facilities fully integrated, Mirfa IWPP will have a total power capacity of 1,600MW and a seawater desalination capacity of 52.5 MIGD (238,665 m^3/day).
The Mirfa project is the Emirate's tenth facility to be built under the public private partnership (IWPP) model.
Commercial operation of the project is expected between 2016 and 2017.
ADWEA's director general, H.E. Faris Obaid Al Dhaheri, stated:
The Mirfa project reflects the wise vision of the Government of Abu Dhabi and its continued support for the power and water sector, and it is an important addition to the sector, and once completed, will play a key role in delivering power and water competitively to meet Abu Dhabi's growing electricity and water demand.
Lucas Hautvast, CEO and president of GDF Suez Energy South Asia, Middle East & Africa, added:
GDF Suez entered the UAE in 2000 and Mirfa is our sixth major development in the country. We take pride in being considered a partner for ADWEA and we remain committed to delivering the electricity and water that the emirate of Abu Dhabi needs to sustain its economic growth.
GDF Suez has selected a turnkey EPC contractor consortium comprising Hyundai Engineering & Construction Co. Ltd and Hyundai Engineering Co. Ltd. from Korea and Ansaldo Energia SpA from Italy. Degremont, a subsidiary of Suez Environnement, will be responsible for the new seawater Reverse Osmosis (RO) facility as a subcontractor to the EPC contractor.