ENEC appoints Credit Suisse as nuclear advisor
State-backed corporation continues drive to develop power plants
Credit Suisse, the Swiss investment bank, has been appointed financial adviser to the Emirates Nuclear Energy Corporation as the UAE progresses with its drive into alternative energy.
ENEC is building nuclear power plants in the country, and last December awarded an AED73.46 billion contract to a consortium of South Korean companies to build four nuclear reactors on Abu Dhabi’s coastline – a ten-year project. The consortium this month revealed that work would begin in December.
The first of the 1,400 megawatt reactors in Braka, west of Abu Dhabi, will be operational in 2017, The Korea Time reported on 5th September, quoting an unnamed Kepco official.
The contract represents the country’s largest infrastructure project, and as yet has not been followed by further awards or tenders.
A spokesperson for ENEC, which is backed by the Abu Dhabi government, confirmed the appointment yesterday. The bank will offer advice around project risk management, it is believed.
Robert Bryniak, head of power consultancy Golden Sands, expected the undisclosed value of the advisory contract to be worth millions. “It’s also a good way for them to get into the financial deal … what usually happens is the adviser will have an option to get involved in the debt side as well,” he told newspaper The National.
The appointment comes a week after Kuwait, a member of the Organisation of Petroleum Exporting Countries, indicated plans to develop its own nuclear power plants.
Ahmad Bishara, secretary general of the National Nuclear Energy Committee, said the body is preparing a ‘roadmap’ for its future in atomic energy. A firm plan, which will include details of construction projects, is expected in January 2011