Kyuden Group has signed a share purchase agreement with JGC Holdings Corporation to acquire a 6% interest in Taweelah Asia Power Company P.J.S.C. and separately a 15% interest in Asia Gulf Service Holding Company Limited for Taweelah B Independent Water & Power Producer Project (“Taweelah B”) in the United Arab Emirates (“UAE”).
Located in the Emirate of Abu Dhabi, United Arab Emirates, the project Taweelah B supplies both electricity and water to the Emirates Water and Electricity Company, under the Power and Water Purchase Agreement, by operating its natural gas thermal power generation facility, which has a total output of 2,000 MW and a seawater desalination facility of 730,000 tons per day.
In the Middle East, the demand for electricity and water is increasing, therefore several bids for power generation and desalination projects will be held in the near future. Kyuden Group is seizing this opportunity to expand overseas business, beyond Asia and America to areas such as Europe, the Middle East and Africa.
By this acquisition, Kyuden Group has acquired an equity ownership of over 2,400 MW in overseas electricity generation projects, meaning it has already met its equity ownership target of 2021.
By using our top-class technological prowess and expertise, we aim to achieve the equity ownership target of 5,000 MW set for 2030, which is one of our business performance targets listed in the Kyuden Group Management Vision 2030.