Barakah One Company PJSC, a joint venture between Emirates Nuclear Energy Corporation (ENEC) and Korea Electric Power Corporation (KEPCO), has successfully completed a major refinancing initiative for the Barakah Nuclear Energy Plant. Collaborating with prominent UAE banking institutions, Barakah One has fully refinanced the outstanding balance of AED9.2 billion loan facilities originally provided by the Export-Import Bank of Korea (KEXIM) in 2016 for the construction and development of the Barakah Plant.
Barakah One Company PJSC has replaced the previous loan facilities from KEXIM with a new AED8.9 billion loan facility, which it secured from two leading Emirati banks, Abu Dhabi Commercial Bank PJSC (ADCB) and First Abu Dhabi Bank (FAB). This achievement showcases enduring investor confidence in the project and underscores the Barakah Plant’s remarkable contribution to the UAE’s economy, including job creation for UAE Nationals and positive impacts on the local supply chain.
The successful refinancing marks a natural progression in the growth of the Barakah Nuclear Energy Plant as it moves closer to achieving full commercial operations with its four units. Currently, three reactors at Barakah are already generating abundant clean electricity for the UAE, while the fourth unit has recently entered its operational readiness phase.
His Excellency Mohamed Ibrahim Al Hammadi, ENEC’s Managing Director and Chief Executive Officer, expressed his pleasure in the successful completion of the Barakah Plant’s refinancing by Barakah One Company. He highlighted that the project, which is a flagship for the UAE’s sustainable development, has presented a new model to the world for bankable and timely nuclear developments. We are proud to have two of the largest banks in the UAE providing the financing for our programme, further demonstrating the far-reaching benefits Barakah brings in stimulating sustainable economic growth”
Nasser Al Nasseri, CEO of Barakah One Company, said: “We appreciate the role KEXIM has played during the development phase of the Barakah Plant, and as we now transition to full operations and move to the next phase, we are delighted by the confidence demonstrated by this new investment from ADCB and FAB as we look ahead to the next 60 years of producing clean electricity for the UAE through the Barakah Plant.”
