TAQA, Japan's Jira complete financing deal of Saudi industrial plant

Logo of Abu Dhabi National Energy Co. PJSC (TAQA) 

Abu Dhabi National Energy Co. (TAQA) finalized a financing deal for Najim Cogeneration Company Ltd., in cooperation with JERA Co., Japan’s largest power generation company.

Najim, an industrial cogeneration project, will produce electricity and steam for a petrochemical complex in Jubail, Eastern Province.

According to the company's statement on the Abu Dhabi Securities Exchange (ADX), the new co-production plant will produce approximately 475 megawatts (MW) of electricity and approximately 452 tons per hour (TPH) of steam.

The new station will be developed by a special purpose entity jointly owned by TAQA (51%) and JERA (49%), on a 25-year build, own, and operate basis, with a possible five-year extension subject to mutual agreement.

TAQA and JERA will oversee the operation and maintenance (O&M) of the plant through a dedicated O&M special purpose entity.

The completion of the financing deal comes after TAQA and JERA concluded last March an agreement to purchase electricity and steam with Saudi Aramco Total Refining and Petrochemical Co. (SATORP), a joint venture owned by both Aramco and Total Energies SE.