Barakah One Company (Barakah One) has completed the milestone refinancing of the Barakah Nuclear Energy Plant, working with key banking institutions in the UAE.
Barakah One is a joint venture between the Emirates Nuclear Energy Corporation (ENEC) and the Korea Electric Power Corporation (KEPCO).
According to the statement, “Barakah One has refinanced the full outstanding balance under the loan facilities extended by the Export-Import Bank of Korea (KEXIM), the export credit agency of South Korea.”
Mohamed Ibrahim Al Hammadi MD & CEO – ENEC
“We are pleased that Barakah One Company has successfully completed the refinancing of the Barakah Plant, a flagship project for the UAE’s sustainable development. We have showcased a new model to the world for nuclear developments, demonstrating that new nuclear projects like Barakah are bankable, and can be delivered in a timely manner, while continuing to meet the highest standards of safety and quality. We are proud to have two of the largest banks in the UAE providing the financing for our program, further demonstrating the far-reaching benefits Barakah brings in stimulating sustainable economic growth.”
The refinancing reflects a natural progression in the development of the Barakah Plant as the project continues to progress through to full, four-unit commercial operations. Barakah has three reactors currently generating abundant, clean electricity for the UAE, with the fourth unit recently starting its operational readiness phase.
The Barakah Plant is a major contributor to the nation’s Net Zero by 2050 goals, generating clean electricity around the clock, whilst preventing millions of tons of carbon emissions, as per the statement.
Mr. Nasser Al Nasseri, CEO of Barakah One Company, said that, “We appreciate the role K-EXIM 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 from ADCB and FAB as we look ahead to the next sixty years of producing clean electricity for the UAE through the Barakah Plant.”
