Abu Dhabi Offshore Power Transmission Company has received financing of over USD3.2 billion for an offshore electricity transmission project.
The project entails construction of a high-voltage direct-current offshore power transmission system connecting two offshore production facilities owned by Abu Dhabi National Oil Company (ADNOC), to Abu Dhabi’s onshore grid. The project is being jointly financed by Japan Bank for International Cooperation (JBIC), which has provided funds worth USD1.2 billion, and the Export-Import Bank of Korea, Mizuho, Sumitomo Mitsui Banking Corporation, BNP Paribas Fortis and Standard Chartered – that have together provided funds worth USD2 billion. The project aims to fulfil the United Arab Emirates’ (UAE) commitment to cut carbon dioxide emissions to net zero by 2050.