Abu Dhabi – Mubasher: The Abu Dhabi National Oil Company (ADNOC) has launched a joint tender with the Abu Dhabi Power Corporation (ADPower) to establish, develop, and operate MENA's first of its kind mega project.
The region's first high-voltage and direct current (HVDC) sub-sea transmission network is set to be commercially operated in 2025, according to a press release on Monday.
This mega project will be funded through a special financing mechanism, jointly owned by ADNOC, ADPower, and the selected developers and investors with stakes of 30%, 30%, and 40%, respectively.
The project will link between ADNOC's offshore production facilities and ADPower’s onshore electricity grid using the latest technologies to cut the carbon footprint of ADNOC’s offshore facilities by up to 30%.
ADNOC Upstream Executive Director, Yaser Saeed Al Mazrouei, said: "Equally, the project will deliver operational expenditure reductions in the long run as well as lasting strategic benefits as we continue to drive sustainable value and responsible investment opportunities that stimulate economic growth for Abu Dhabi and the UAE in the current market environment.”
Meanwhile, Executive Director – Asset Management at ADPower, Omar Alhashmi, referred: "Working together, we are reinforcing Abu Dhabi’s global position as we implement this first-of-a-kind mega project that will not only create synergy between two critical industries but drive the Emirate’s economic growth through long-term value creation.”
