RAS Abu Fontas Power, a Qatari project company backed by Asian industry heavyweights, has entered into an agreement with the Japan Bank for International Cooperation (JBIC) to secure financial facilities worth $990 million for the expansion of its desalination and power plant units.

This financing is part of a broader $2.97 billion co-financing package, which includes contributions from private financial institutions, the Export-Import Bank of Korea, Korea Development Bank, and KEXIM Global Singapore, said JBIC.

Ras Abu Fontas is majority owned by Qatar Electricity and Water Company (55 per cent stake), along with Sumitomo Corp (17 per cent), Shikoku Electric Power (11 per cent) QatarEnergy (five per cent) and Korea Overseas Infrastructure and Urban Development and Korea Southern Power (each with six per cent stake).

Ras Abu Fontas Power is set to build, own, and operate a natural gas-fired combined-cycle power plant with a 2,400 MW capacity south of Doha. In addition, it will set up a desalination facility with around 110 million imperial gallons per day capacity. Upon completion, the project will provide power and water to Qatar General Electricity and Water Corporation (Kahramaa) under a 25-year agreement.