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 >>

 
  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 5075 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
Introducing Pestle & Mortar
A touch of elegance with Al Asel
Glamorous Gilda for elegant lady'
Versus Saint Germain
Tag Heuer Launches Limited Edition Green Aquaracer in the Kingdom of Saudi Arabi...
Nikon ME Launches Film Festival - Cinema Z
Protect your Hair with the New Hair Care Range from Color WOW.
CORUM announces Hu Bing as its new Global Brand Ambassador
Compact, yet spacious, Kia Pegas sedan to be sold in the UAE for the first time
Admiral AC-One 45 Chronograph Bronze
Burberry Beauty reveals its runway make-up look, inspired by the September 2020 show
As Official Timekeeper of the 2020 IIHF Ice Hockey World Championship, Tissot st...
Skin Care+ an Intensely Nourishing Range
Beauty beyond time OMEGA's fine jewellery collection
Epson partners with Tenaui to participate in Xposure photography festival
Al Yousuf Motors hosts the UAE debut of the new MG5
General Civil Aviation Authority launches 2nd edition of Global Investment in Av...
Bee My Love – Cocktail Rings
UAE-based investors to develop 5 Economic Zones in Bangladesh
Redtag's ‘just My Mood' Sleepwear Collection
Mintsa: Successfully launching in the UAE
GITEX Technology Week and GITEX Future Stars to show how next-gen technologies a...
Twelve Majid Al Futtaim shopping malls to participate in 11th annual ‘Feel the B...
Emirates Steel to participate in the first Saudi International Iron & Steel Conf...
MoHAP Organizes in Cooperation with Majid Al Futtaim an Awareness Campaign on th...
The Rack by Kachins Presents PS20
UAE investors set to inject US$10 billion into Bangladesh economy
Dubai FDI delegation promotes Dubai in Denver
Al Qemzi Keeps Team Abu Dhabi on Course for Quadruple World Title Success
The Trench Coat and Mac Edit
Educational Events of Mohammed bin Rashid Space Centre (MBRSC) and Japan Aerospa...
GEMS Education finds a way on how to effectively prepare when your child flees t...
Nursery to go paperless for a week as a mark of respect to the burning Amazon
Saxophone night with a view!
Bangladeshi pride on display as Bangla Tigers join Abu Dhabi T10
October Specials at Le Meridien al Aqah
Materials Handling Middle East racks up 12% visitor turnout for 10th edition
Ori Bag
LACOSTE presents Key West (Sport Inspired) collection'
A Proud Moment for the UAE as Pogacar Podiums at La Vuelta and Makes History for...
Top 10 Stage Finish Keeps Pogacar in Gc Contention at the Vuelta a Espana
Huge Crowd Turns Out at Arabian Center to celebrate Onam 2019
Refinitiv Announces the 2019 D&I Index Top 100 Most Diverse & Inclusive Organiza...
Turkish Airlines' load factor is 84.8 percent in August.
Finding the right balance between human touch and technology is the biggest chal...
“5G and digital transformation in the Energy Sector will bring immense opportuni...
Le Meridien Dubai Village Terrace presents a Bavarian Wonderland!
Bollywood actress Karishma Kapoor captivates Sharjah as she inaugurates Al Adil...
Mohammed Bin Rashid Space Centre and National Geographic Release First Film on U...
du and Network International Join Forces to Launch Advanced Payment Solution