The South Korean Export-Import Bank has announced a $1.2 billion (about 1 trillion 700 billion won) plan to finance a UAE-led undersea power transmission project.
The South Korean Export-Import Bank announced this plan to finance the UAE-led project to build and operate a high-voltage DC submarine power transmission network in partnership with Korea Electricity Company KEPCO and Samsung C&T. The 5.4 trillion won infrastructure project aims to build and operate undersea transmission lines as well as ancillary facilities to supply oil and gas facilities off the coast of Abu Dhabi with clean energy.
The Bank will finance this project with a financial assistance of 37.4% of the total financing, i.e., project financing in the amount of US$1.2 billion, and the Bank will provide financing for construction works in the amount of US$680 million and others. complex financial services. This year, Japan’s Kyushu Electric Power Company and France’s EDF won the right to implement the project, and Samsung C&T will be in charge of EPC (Design, Procure and Build) jointly with Belgium’s Jean de Nul.
Yonhap News Agency quoted an Export-Import Bank official as saying, “This project is a role model for the construction of the first UHV DC submarine transmission network in the Middle East and North Africa through cooperation between state-owned power generation companies. , construction companies and institutions.” Finance”.
It is worth noting that this project was launched as part of a strategy aimed at achieving “zero emissions” by 2050, adopted by the Abu Dhabi National Oil Company (ADNOC) and the Abu Dhabi National Energy Company (TAQA), where carbon dioxide levels are expected reduction by more than 30% due to the replacement of old gas-fired power plants with environmentally friendly ones.
Source: El Iktisad
