The Japan Bank for International Cooperation (JBIC) signed a loan agreement with RAS ABU FONTAS POWER COMPANY Q.P.S.C., a Qatar company invested in by Sumitomo Corporation, Shikoku Electric Power Company, Incorporated, Korea Southern Power Co., Ltd., Korea Overseas Infrastructure and Urban Development Corporation, Qatar Electricity and Water Company Q.P.S.C., and QatarEnergy Oil and Gas.
JBIC will provide project financing amounting to up to approximately USD990 million (JBIC portion) for the Facility E Natural Gas-Fired Power Generation and Desalination Project in Qatar.
The facility is co-financed by private financial institutions as well as the Export-Import Bank of Korea, the Korea Development Bank, and KEXIM Global (Singapore) Ltd., bringing the total co-financing amount to approximately USD2,971 million.
The project will build, own, and operate an approximately 2,400 MW natural gas-fired combined cycle power plant and an approximately 110 MIGD desalination plant in Ras Abu Fontas, located south of Doha, the capital of Qatar. The electricity and water produced by the plants will be sold to Qatar General Electricity and Water Corporation over a duration of 25 years.
The loan will support a project involving highly efficient natural gas-fired power generation and reverse osmosis desalination technologies, thereby aligning with the policy objectives of both the Japanese and Qatari governments.
Related: Sumitomo led consortium Signs Agreement for Facility E independent water and power project in Qatar
