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 in its statement.

Ras Abu Fontas is majority owned by Qatar Electricity & Water Company (55% stake) along with Sumitomo Corp (17%), Shikoku Electric Power (11%), Korea Overseas Infrastructure & Urban Development (6%), Korea Southern Power (6%) and QatarEnergy (5%).

A major player in the region, Ras Abu Fontas Power is set to build, own, and operate a natural gas-fired combined-cycle power plant with a 2,400MW capacity at a key area located south of Doha. In addition to this, it will also set up a desalination facility with around 110 million imperial gallons per day (MIGD) capacity. 

Upon completion, the project will provide power and water to Qatar General Electricity and Water Corporation (Kahramaa) under a 25-year agreement.-TradeArabia News Service