International Power completes financing for the Fujairah F2 IWPP, UAE
(London – 18 December 2007) International Power plc is
pleased to announce that, together with project partners the Abu
Dhabi Water and Electricity Authority (ADWEA) and Marubeni
Corporation of Japan, it has successfully completed the financing
for the 2,000 MW, 130 MIGD Fujairah F2 IWPP in the UAE. The plant
will be owned by the Fujairah Asia Power Company (FAPCO) in which
International Power has a 20% equity interest, with 60% held by
ADWEA and 20% by Marubeni. The facility will be operated by a 50:50
joint venture between International Power and Marubeni.
The financing structure comprises two non-recourse loans, a
US$1,284 million 23-year term loan from JBIC and a US$856 million
23-year term commercial bank loan, together with a US$565 million
equity bridge facility. This facility will be repaid through an
injection of equity of US$565 million (£280 million) in July
2010. For its 20% share, IPR’s equity investment will be
US$113 million (£56 million). The lead arrangers for the
financing were Calyon, Citibank, Sumitomo Mitsui Banking
Corporation and JBIC.
Philip Cox, Chief Executive of International Power, said,
“We are pleased to successfully complete the financing for
the Fujairah F2 project. This project builds on our growing
portfolio in the Middle East and we look forward to supplying
energy to Abu Dhabi Water and Electricity Company following the
commissioning of these plants in 2010.”
The Fujairah F2 IWPP, a greenfield development project, will
produce 2,000 MW of power and 130 MIGD of water when commissioned.
The project is expected to be fully operational by the end of 2010.
The facility will be constructed by an EPC consortium of Alstom and
SIDEM. The plant will use five high efficiency Alstom GT26 gas
turbines in combined cycle mode, and twelve SIDEM 8.3 MIGD Multi
Effect Distillation desalination units, together with a 30 MIGD
Reverse Osmosis desalination plant. Fuel will be provided by ADWEC
in the form of natural gas on a pass-through basis under the
PWPA.
Notes to Editors:
An exchange rate of £1:US$2.02 has been applied in this
announcement.
The Fujairah F2 project is located close to Qidfa on the Indian
Ocean coast of the Emirate of Fujairah (approximately 120
kilometres from Dubai).
For further information please contact:
| Investor Contact: |
Media Contact: |
James Flanagan
Telephone: +44 (0)20 7320 8869 |
Beth Akers
Telephone: +44 (0)20 7320 8622 |
About International Power
International Power plc is a leading independent electricity
generating company with 30,807 MW gross (18,935 MW net) in
operation and 2,224 MW gross (549 MW net) under construction.
International Power also has desalination capabilities with 288
MIGD gross (67 MIGD net) in operation and 235 MIGD gross (68 MIGD
net) under construction. International Power has power plants in
operation or under construction in Australia, the United States of
America, the United Kingdom, France, Germany, the Czech Republic,
the Netherlands, Italy, Portugal, Spain, Turkey, Bahrain, Oman,
Qatar, Saudi Arabia, the UAE, Indonesia, Pakistan, Puerto Rico and
Thailand. International Power is listed on the London Stock
Exchange with ticker symbol IPR. Company website:
www.ipplc.com