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U.S. energy firm CMS Energy Corp. has signed a $1.6 billion joint venture with Britain's International Power PLC to finance the construction of a power generation and water desalination project in Abu Dhabi, United Arab Emirates.
In partnership with the Abu Dhabi Water an Electricity Authority, the plan will finance the project through a 20-year $1.285 billion loan package, along with a $351.6 million equity bridge loan facility, Dearborn, Michigan-based CMS said in a statement.
Earlier today, Germany's Siemens's said it had signed a $896 million deal to build the power plant. The project will be a 1500-megawatt (MW) combined cycle plant, the first phase of a giant power plant park in Shuweihat, about 155 miles west of Abu Dhabi, with a total designed capacity of around 5,000 MW and 1.4 million cubic meters of drinking water a day, the company said.
Under the terms of the agreement, the Abu Dhabi Water and Electricity Authority will own 60 percent of the power project, while CMS and International Power will each own 20 percent.