The Japan Bank for International Cooperation (JBIC) has committed to providing $1.201bn project financing for Adnoc’s plans to connect its offshore operations to the onshore grid. In a 28 September announcement, JBIC said “the loan is co-financed with the Export-Import Bank of Korea, Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, BNP Paribas Fortis, and Standard Chartered Bank,” bringing the total financing amount to approximately $3.2bn.
Adnoc and state led-Taqa had announced on 23 September that it had reached financial close on the $3.8bn project (MEES, 23 September). ‘Project Lightning’ entails construction of two HVDC lines and convertor stations with a total installed capacity of 3.2GW, linking Arzanah Island, the Das Island terminals and the Umm Shaif field to Taqa’s onshore electricity grid. This will enable the facilities to receive electricity generated from nuclear and renewable sources by 2025. (CONTINUED - 198 WORDS)