Abu Dhabi National Energy Co. (TAQA), alongside France’s ENGIE, have announced the financial closing of the 2.3 billion dirhams ($620 million) low carbon Mirfa 2 Reverse Osmosis (M2 RO) desalination project.
This follows Emirates Water and Electricity Co. (EWEC) awarding the contract to develop the desalination plant to a consortium made up of TAQA, and ENGIE in February of this year. Set to be operational in Q4 2025, the plant will be 60% owned by TAQA, while the remainder will be held by ENGIE.
The project is 78% funded through debt financing from both local and international banks, including Abu Dhabi Islamic Bank, BNP Paribas Fortis SA/NV, Sumitomo Mitsui Banking Corporation, The Norinchukin Bank, BNP Paribas and KfW IPEX-Bank GmbH.
Mirfa 2 RO is EWEC’s fifth low-carbon intensive RO desalination project to date and will be the third largest RO plant in the UAE once fully operational.