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31 July 2003 - The Abu Dhabi Water and electricity Authority (Adwea) today put out to tender the latest of its independent power and water projects (IWPP) at Al Mirfa. The announcement of the new 600-700 MW facility continues the Emirate's policy of privatization within its power sector and is Abu Dhabi's fifth IWPP.
Expressions of interest from develops must be submitted by 31 August and the winning firm or consortium will take a 40 per cent interest in a special purpose vehicle (SPV) that will own the plant, with Adwea retaining the remaining 60 per cent on behalf of the government.
The Mirfa Power and Water Plant is located on the Arabian Gulf Coast in the western area of the UAE about 170 km from Abu Dhabi near the town of Al Mirfa. It currently has installed power and desalination facilities with capacities of 192 MW and 38.7 million imperial gallons per day.
In the same way as previous IWPPs, the existing assets will be transferred to the SPV to run until the new expanded facilities are up and running. The SPV will enter into a long-term power and water agreement with Adwea, which will be structured as an energy conversion agreement under which Adwea will supply gas to the plant in return for power and water.
The number of likely bidders has reduced in recent years as US energy firms has been forced to retrench. Those tendering are likely to include International Power, Total, Mitsubishi and CMS.
Adwea will be advised by HSBC Bank, White & Case LLP, Simmons & Simmons and Fichtener GmbH & Co.
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