Seoul-based and Korea Exchange-listed (KRX) Samsung C&T has been awarded the $948.5m contract for the construction of the 2.4GW Fujairah F3 combined cycle power plant by Japan’s Marubeni Corporation.
Fujairah F3 is Emirates Water and Electricity Corporation’s (EWEC) thirteenth project to be developed under the independent power producer (IPP) model. The project will be constructed between the existing Fujairah F1 and Fujairah F2 power and water plants.
Earlier this month, Abu Dhabi Power Corporation (ADPower), which is owned by Abu Dhabi Development Holding Company and Japan-based Marubeni Corporation formed a consortium to begin construction works on Fujairah F3.
In a statement, Samsung C&T said that it will carry out work on the project as an exclusive engineering, procurement, and construction (EPC) contractor. The construction phase of the project is expected to complete in April 2023.
The company added that one of the major reasons behind it winning the contract has been its “extensive experience in building many power plants throughout the Middle East”.
Once complete the plant will fulfil power needs of nearly 380,000 homes in the northern region of the UAE.
The government of Abu Dhabi will indirectly own a 60% stake in the project, while the remaining 40% will be owned by Marubeni Corporation.