The Emirates Nuclear Energy Corporation’s (ENEC) Barakah Nuclear Energy Plant project has become the first nuclear project in Asia and Africa, and only the second globally to become a green loan facility.
The fourth unit of the nuclear project has refinanced a Dh8.89 billion ($2.42 billion) loan.
The classification highlights the nuclear energy sector as a major contributor to the UAE’s green economy through clean, carbon emissions-free electricity. When complete, the Barakah Plant will produce 40 terawatt-hours (TWh) of electricity per year, and also prevent the release of 22.4 million tonnes of carbon emissions.
“The recognition of the Barakah refinancing as meeting Green Loan status requirements firmly establishes nuclear energy’s role in the clean energy transition,” said Mohamed Al Hammadi, ENEC’s Managing Director and Chief Executive Officer. “We are breaking new ground as one of the first nuclear plants globally to be backed by green loan funding, as we sustainably power the UAE through constant and abundant clean electricity.”
The facility is a key part of the UAE’s strategy to decarbonise the countruy’s energy-intensive and heavy industries now to accelerate the nation in reaching net zero emissions by 2050.
The Barakah Plant project is the second nuclear project globally to successfully complete the evaluation process following the 1 billion Euro green loan awarded to EDF for the maintenance of its nuclear fleet in 2022.
