GE Energy has secured $1 billion in project financing for Sharjah’s first Independent Combined Cycle Power plant (ICCPP).
Co-developers GE Energy Financial Services (GE EFS) and Japan’s Sumitomo Corporation, along with Shikoku Electric Power Company and Sharjah Asset Management, the investment arm of the Government of Sharjah, have closed financing from leading private financial institutions and the Japan Bank for International Cooperation, for GE’s flagship 1.8 Gigawatt (GW) power project, Hamriyah Independent Power Company in Sharjah.
Simultaneously, the co-developers have formed an equity consortium for the project with Shikoku Electric Power Company and Sharjah Asset Management. The consortium’s role will be to build, own, and operate the project, which will consist of three combined cycle blocks, the first of which is planned to come online in 2021.
The project is expected to reach full commercial operations by the summer of 2023 and will sell its electricity production to Sharjah Electricity and Water Authority (SEWA) under a 25-year Power Purchase Agreement (PPA).
