Abu Dhabi Power Transmission Project signs $3.2b financing
Abu Dhabi Offshore Power Transmission Company has secured more than $3.2 billion in financing with export credit agencies and banks for an offshore electricity transmission project. The financing will be used to connect two offshore ADNOC facilities to Abu Dhabi’s onshore grid. Japan Bank for International Cooperation (JBIC) provided $1.201 billion for the direct current transmission project. The remaining $2 billion was financed by Export-Import Bank of Korea, Mizuho, Sumitomo Mitsui Banking Corporation , BNP Paribas Fortis and Standard Chartered. This project is in line with the JBIC’s requirement to cut carbon emissions to net zero by 2050. This will establish greater cooperation between UAE and Asian states, as well as reduce emissions from oil production.