(CercleFinance.com) – EDF today announced that the consortium it is forming with its South Korean (KEPCO) and Japanese (Kyushu Electric Power Co) counterparts has today signed an electricity transmission project with Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Electricity Company PJSC (TAQA).
Valued at $ 3.6 billion, the project will consist of developing and operating a high voltage direct current (HVDC-VSC) submarine system. The aim will be to connect ADNOC’s offshore production activities to cleaner and more efficient energy, via the Abu Dhabi onshore electricity grid, owned and operated by TAQA.
The project will reduce ADNOC’s offshore carbon footprint by more than 30%, and contribute to the UAE’s carbon neutrality goals (Net Zero by 2050 Strategic Initiative).
The consortium, which will have a combined 40% stake in the project, will develop and operate the 3.2 gigawatt transmission system over a 35-year period alongside ADNOC and TAQA.
Work is scheduled to start in 2022, while commercial operation is planned for 2025.