Abu Dhabi to invite power plant bids

Abu Dhabi plans to invite firms next month to submit proposals to build a 1600MW power plant. The US$2bn Shuweihat 3 independent power project will be the emirate’s ninth power project under a privatisation plan launched in 1998.

“We have started the process of pre-qualification and we are targeting sending the request for proposals early next month,” said Abu Dhabi Water & Electricity Authority (Adwea) director of privatisation Abdulla Saif Al Nuaimi. “We expect to finalise selection of the developer by November, (make the) financial close by April 2011 and commissioning in 2013,” he added.

The selected developer would take a 40 per cent stake in the plant with Adwea taking the balance. Financing would be a combination of debt and equity.