Industry: Production and supply of electricity and heat Industry Region: United Arab Emirates Transaction price: $1 million Transaction method: Equity financing
Introduction to the
The ABU Dhabi National Oil Company (ADNOC) and The ABU Dhabi Power Company (AD Power) have jointly bid for the first HVDC undersea transmission system in the Middle East and North Africa.
The system, which will connect ADNOC's offshore oil and gas production facilities to AD Power's onshore grid, is expected to be commissioned by 2025 and is expected to reduce the carbon footprint of ADNOC's offshore facilities by up to 30 percent. The system consists of two separate undersea transmission links and converter stations that will be connected to an onshore grid operated by AD Power's subsidiary, ABU Dhabi Transmission and Distribution Company, with a total installed capacity of 3,200 megawatts.
For the project, ADNOC and AD Power each provided 30 percent of the funding, with the remaining 40 percent provided by selected developers and investors. The winning bidder will work with the two companies to develop and operate the system, which will be handed back to ADNOC after the transmission protocol is completed.