Shuweihat 1 Lifetime Extension
CLIENT
Emirates Water and Electricity Company (EWEC)
LOCATION
Abu Dhabi, UAE
DATE
2025
VALUE
Confidential
SERVICES PROVIDED
Financial Advisor
The Shuweihat 1 project was extended by Emirates Water and Electricity Company (EWEC) to provide flexible reserve supply to support strategic acceleration of Abu Dhabi's energy transition to net zero.
Located in Al Dhafra region in the Emirate of Abu Dhabi, the plant has been in operation since 2005, under a 20-year Power and Purchase Water Agreement which was due to conclude in 2025. The project will be reconfigured from a cogeneration power and water desalination facility to a natural-gas-fired open cycle power plant, providing flexible reserve supply of upto 1,100 MW of electricity to support increased integration of renewable and clean energy sources whilst also maintaining reliance during peak demand periods.
Abu Dhabi National Energy Company (TAQA) owns 60 per cent of the plant, with ENGIE, a French multinational electric utility company, and Sumitomo, a leading Japanese integrated trading company, each holding 20 per cent. The companies will also continue to take on the operations and maintenance (O&M) of the plant, with TAQA owning 30 per cent of the O&M company, while ENGIE and Sumitomo will own 35 per cent each. Plant reconfiguration is expected to be concluded within two years, with commercial operations commencing in 2027 under a 15-year Power Purchase Agreement.
TRIBE ADVISORY'S ROLE
Tribe Advisory served as the lead and financial advisor to EWEC, guiding the project from inception to financial close over two years.
Tribe’s role encompassed the entire project lifecycle, including stakeholder alignment, regulatory navigation, project structuring, tender documentation development, negotiation and implementation.
Procurement Management
Led the procurement process in line with Abu Dhabi’s Law No. 2 of 1998 (IPP Law), tailored for the lifetime extension of an asset operating under an existing PWPA.
Managed the tender process and engaged with the existing shareholders.
Award and Financial Close
Oversaw the bid assessment and award process, culminating in a successful financial close in May 2025.
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