Barakah One finishes refinancing of UAE’s nuclear plant

The Barakah Nuclear Energy Plant capacity will reach 5.6GW upon Unit 4’s completion.

The joint venture between the Emirates Nuclear Energy Corporation (ENEC) and the Korea Electric Power Corporation (KEPCO), Barakah One Company PJSC has completed the refinancing for the development of the Barakah Nuclear Energy Plant.

In a statement, ENEC said Barakah One refinanced its full outstanding balance under the extended loan facilities by the Export-Import Bank of Korea (KEMIX).

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The KEMIX loan facilities refinancing was supported by Emariti banks Abu Dhabi Commercial Bank PJSC and the First Abu Dhabi Bank following a competitive market process.

The nuclear plant is a major contributor to the country’s 2050 net zero goals. Once its Unit 4 becomes operational, this will bring the plant’s total generation capacity to 5.6 gigawatts which could meet 25% of the UAE’s electricity needs.

It could deliver over 40 terawatt hours of electricity annually.