Emirates Nuclear Energy, an organization appointed with implementing the UAE nuclear energy program, is raising $2bn from bank loans to finance construction of a nuclear power plant in Abu Dhabi.
Switzerland-based financial services firm Credit Suisse Group and Britain’s HSBC Holdings are advising Emirates Nuclear Energy on the fundraising, reported The Daily Star.
Other banks such as First Gulf Bank, National Bank of Abu Dhabi, Union National Bank, and Standard Chartered are also likely to lend to Emirates Nuclear Energy.
The company has begun building the nuclear power plant in July at Barakah in Abu Dhabi’s Western Region. The first of the four 1,400MW facilities are expected to be completed in 2017.
Additional units of the nuclear station would become operational every year through 2020. The firm plans to raise $20bn more from export credit agencies. Overall, the nuclear program would cost nearly $30bn.