Marubeni Corporation (hereinafter, 'Marubeni') is pleased to announce that Marubeni has signed a Power Purchase Agreement (hereinafter, 'PPA') with Emirates Water and Electricity Company (hereinafter, 'EWEC'), a leading company in the coordination, planning and supply of water and electricity across the United Arab Emirates (hereinafter, 'UAE'), for the Fujairah F3 Independent Power Project, to be located in Qidfa, in the Emirate of Fujairah, in the UAE.

Marubeni, through a special purpose company to be owned by Marubeni (40%) and Abu Dhabi Power Corporation (hereinafter, 'AD Power') (60%), will build, operate, maintain and own the 2,400MW Combined Cycle Gas Turbine (hereinafter, 'CCGT') plant, which will be the largest CCGT power plant in the UAE. The PPA is contracted for a 25-year period.

Mr. Othman Al Ali, Chief Executive Officer of EWEC, said: 'The Fujairah F3 IPP project will apply one of the most efficient and advanced CCGT technologies available in the region, producing more energy that aligns with the UAE Energy Strategy 2050's CO2 emissions reduction targets. It will play a strategic role in the growth and development of the UAE, providing secure and reliable power to match the needs of consumers in Abu Dhabi and the UAE. As part of the tender process, EWEC conducted a robust due diligence exercise, in line with the UAE energy industry's world-class standards, in order to select the most attractive technical and commercial bid for this project.'

It will be Marubeni's 6th power (and water) project to the Emirate of Abu Dhabi, adding to the existing Taweelah B IWPP(), Fujairah F2 IWPP, Taweelah A2 IWPP, Shuweihat S2 IWPP, and Sweihan PV IPP().

Marubeni have IPP projects assets with more than 12.5GW net generation capacity across 19 countries. Marubeni will continue to deploy its expertise and experience in the power generation business, and at the same time contribute to the establishment of a sustainable society by providing reliable sources of power that are also environmentally friendly.

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