Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Power Company (TAQA) announced the completion of funding for their strategic undersea power transmission project.
The two companies have announced the completion of funding for their strategic project, which aims to provide ADNOC’s offshore production operations with carbon-neutral clean energy worth AED14 billion (about US$3.8 billion). of this type in the Middle East and North Africa region, to develop and operate a high voltage direct electric current transmission system under the sea to provide the production operations of ADNOC offshore fields with more efficient and environmentally friendly energy by connecting to the Abu Dhabi TAQA shore power grid, Emirati reports. News WAM.
WAM explained that the project, which is being developed jointly by ADNOC and TAQA, as well as a consortium of the Korean Electricity Company (KEPCO), the Japanese Kyushu Electricity Company and the French Electricity Company (EDF), has made rapid progress from planning to the development stage and will begin construction work in early 2022 , which confirms the leading role of ADNOC and TAQA in advancing climate action and supporting the UAE’s strategic initiative to achieve climate neutrality by 2050. By building, owning, transferring and operating an advanced power plant, the transmission network in partnership with ADNOC and TAQA, on the condition that the entire project be returned to ADNOC after 35 years of operation.
Mohammed Hassan Al Suwaidi, Chairman of the Board of Directors of Abu Dhabi National Power Company TAQA, said: “TAQA plays a vital and effective role in accelerating the transformation of the energy sector in the UAE by providing an integrated portfolio of solutions. which provide clean energy sources to support economic development, and the completion of financial close is a significant milestone in this unique project through which TAQA will provide ADNOC offshore facilities with a safe and efficient low-carbon energy supply through the TRANSCO power grid. ”