Operis was pleased to provide a full model audit of the financial model for Marubeni in support of the Fujairah F3 IPP Project.

In February 2020, Abu Dhabi Power awarded Marubeni the contract to finance, build and operate a 2.4GW combined cycle gas turbine (CCGT) facility in the Emirate of Fujairah in the United Arab Emirates (UAE). The project is being developed as an integrated power producer (IPP) project and will be UAE’s biggest independent thermal power plant that can generate enough electricity for approximately 380,000 households in the northern region of the country.

The consortium combines Marubeni Corporation’s 40% stake with 60% investment of the Abu Dhabi Power Corporation through the F3 Holding Company. Financial close took place in June 2020, which was a real achievement given the current global uncertainty. The CCGT plant is expecting to generate its first power in 2022, subject to a 25 year PPA with EWEC.

In tandem with the Fujairah F3 IPP Project, Operis also assisted Marubeni on the Al-Kharsaah solar project which closed in July 2020.

Pete Rebecchi, Head of Financial Modelling at Operis, says “We are delighted to be involved in supporting Marubeni in reaching a successful financial close with ADPower and the lenders. It is encouraging to see all parties coming together, despite the potential challenges of Covid-19, and delivering this crucial project to provide power to the local region. We wish Marubeni the very best of luck and look forward to continuing and building on our good relationship with them in the Gulf region.”

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Erwan Fournis
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Carmen Wade
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Mark Southall
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Erwan Fournis
Global Head of Financial Advisory

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Chris Aldred
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