GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Real Estate and Retail

 
  Share

Abu Dhabi, 19 June 2019:  Leading Abu Dhabi advisor Tribe Infrastructure (Tribe), in partnership with Alderbrook Finance, has completed the debt financing for Sumitomo Corporation (Sumitomo), GE Energy Financial Services (GE EFS), Sharjah Asset Management Holding (SAM) and Shikoku Power on the 1,800MW Hamriyah independent combined-cycle power plant (IPP) in Sharjah, United Arab Emirates.  

Acting as the exclusive financial advisors to the sponsors, Tribe Infrastructure and Alderbrook have advised the arrangement of over US$1 billion in senior non-recourse debt financing.  The project has been co-financed by Japan Bank for International Cooperation and private financial institutions including Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank Limited, Norinchukin Bank, Societe Generale Bank, Standard Chartered Bank and KfW IPEX Bank. A portion of the bank funding will be insured by Japanese export credit agency Nippon Export and Investment Insurance (NEXI).
 
Co-developers Sumitomo and GE EFS have formed an equity consortium for the project with Shikoku Electric Power Company and SAM. The consortium's role will be to build, own and operate the Project, which will consist of three combined cycle blocks, the first of which is planned to come online in 2021 with a full operation by summer 2023. 

In January 2019 GE and Sumitomo signed a 25-year power purchase agreement with the Sharjah Electricity and Water Authority (SEWA) to develop, build and operate the plant, which will be equipped with GE's latest and most advanced 9H technology.  The project marks the first IPP completed by the Government of Sharjah.  

GE will supply three 9HA gas turbines, three steam turbines, six generators, three heat recovery steam generators and turnkey engineering, procurement and construction services for its flagship power plant in Sharjah.  GE will also provide parts, repairs and maintenance services for the power generation assets at the site for 25 years.

While demand for electricity is expected to continue to expand in Sharjah, the Emirate currently imports about 50% of its power requirement from the Emirate of Abu Dhabi.  The remainder is currently being generated by low-efficiency older power stations in Sharjah.  This project is accordingly very well aligned with Sharjah's electricity policy promoting construction of large-scale, highly-efficient combined cycle power plants as a major source of electricity supply.
 
Commenting on the transaction, Peter McCreanor, CEO of Tribe Infrastructure Group, said “We congratulate Sumitomo, GE and the Sharjah Government for completion of this landmark transaction and are proud to have played a key role in the financing of the project.  We look forward to supporting other regional project financings in the utilities, renewables and infrastructure sectors.”    



Posted by : GoDubai Editorial Team
Viewed 5510 times
Posted on : Wednesday, June 19, 2019  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Al-Futtaim Engineering and Technologies to supply state-of-the-art Hitachi elevators across major re...
Next Story : Steel and construction industries to continue powering regional development according to experts at ...
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
HONOR MagicBook Series is Perfect for Fashion Forward, Design Conscious Individu...
Vatika Launches Natural Hair Food, an Effective Solution for Dry Hair
Omega Announces Its Role as the Official Timekeeper of the 36th America's Cup
Foreo Reveals 5 Ways to De-Stress Your Skin
DTTAG New Executive Committee to Manage Post Covid 19 Return to Normalcy of Travel
The Best Omega Sunglasses For a Long-Awaited Summer
Emirates Post Unveils Modern New Website and Look
Ethical JLT Salon THT is Supporting those whose Jobs have been affected during ...
Urgent Implementation of ICAO COVID-19 Guidelines Needed
FEM Collaborates with Arab Comedian Maya Acra to Address the Taboo Around the To...
Sony Middle East & Africa Introduces New Digital Camera ZV-1, designed for Vlogg...
Karl Lagereld Drives Digital Innovation With Launch of the “Maison Karl Lagerfe...
Innovating to Fight COVID-19: Four Ways Drones are Contributing
Blue Ocean for Islamic Finance Industry
Commodity Weekly: Crude Oil Frets Geopolitics, Sluggish Demand Bounce
Ericsson's USA 5G Factory: Staffed by Professionals – Trained by VR
Airline Debt to Balloon by 28%
The Ultimate At-Home Facial
Twentieth “World Milk Day” Sees NFPC Innovate With New Products That Meet Changi...
Parmigiani Fleurier Toric Fleur
Al Tayer Motors and Premier Motors Honour UAE's COVID-19 Frontline Heroes
80th Anniversary of Maserati's Targa Florio Victory Maserati Tests an Mc20 Proto...
Sony Middle East and Africa and Gearbox team up to offer rental services of late...
WTTC Launches Safe Travels Protocols for Aviation, Airports, MICE and Tour Operators
Tips for Keeping Your Smartphone Clean
Al-Futtaim Technologies Implements Genesys Remote Working Solutions to Ensure Bu...
SEHA Develops Cutting Edge Self-sterilization System for Ambulances
The Legend Continues: Xiaomi Unveils Redmi Note 9 Pro and Redmi Note 9
Telenor, Sony and Ericsson Team to Develop Smart IoT Healthcare Devices
ATM Virtual to Focus on Potential Chinese Outbound Travel Market
Lincoln Aviator Presidential Takes on Bumps and Dips, Turning Every Trip into a ...
Increasing Use of Screen-Time Causing Eye Problems in UAE Students
Salvatore Ferragamo Launches New Eyewear Styles Inspired by the Iconic Vara Bow
Etihad Airways Launches Health and Hygiene Programme Championed by New Wellness ...
Kleindienst Group's Floating Seahorse Villas Are Setting Sail to Welcome Guests ...
Danube Group Chairman Files Case With Dubai Police Against Scam Star for Faking ...
Honeywell Announces Opening of Gas Detector Factory in Saudi Arabia
ATM Virtual Panel Advises Hoteliers not to Drop Room Rates, but to Focus on Sani...
Kingston Technology Ships 7.68TB Capacity for Industry-Leading High-Performance ...
Philips Foundation and Philips Middle East Join Forces with Lebanese Red Cross t...
A Taste of Tradition
How to Improve Your Sleep Routine When Working From Home
GEMS Innovation Awards 2020 Recognise Young Innovators after Virtual Showdown
Dubai's Contemporary Art Institution Jameel Arts Centre re-opens to the Public
Al Majid Motors Announces the Arrival of All-New Kia K5 Fastback Sedan in the UAE
Former UNWTO Secretary-General to speak at ATM Virtual
DGW holds meeting to review updated strategic plan aimed at supporting national ...
Debut Arabian Travel Market Virtual Event gets Underway Tomorrow
Glaucoma: Symptoms and Treatment
Ras Al Khaimah Government Launches Integrated Stimulus Package to Support the Em...