A lack of long-term project financing may force the Abu Dhabi Water and Electricity Authority (ADWEA) to issue a bond or seek help from government entities to finance a power plant, a senior official said today.
But ADWEA has no intention of delaying construction of the US$2.5 billion (Dh9.18bn) Shuweihat 2 complex, which will generate 1,500 megawatts of electricity and almost 454 million litres of fresh water a day when it goes onstream in 2011, said Abdulla al Nuaimi, ADWEA’s director of privatisation.
“The market is still too difficult to give long-term financing,” Mr al Nuaimi told a power conference in Abu Dhabi.
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