Sojitz corporation completes acquisition of 20 % stake in MIPCO
Sojitz Corporation has acquired a 20% stake in Mirfa International Power and Water Company (MIPCO) from SHUAA Capital, which operates the Mirfa Independent Water and Power Project in Abu Dhabi, United Arab Emirates. Along with Sojitz, Abu Dhabi National Energy Company PJSC (TAQA) and ENGIE SA also hold shares in the project.
The IWPP project consists of natural gas-fired power facilities, which have a generation capacity of 1,600MW, and desalination facilities that have a desalination capacity of 52.5 million imperial gallons per day. Sojitz and its partners own and operate the power and desalination plant. All electricity and water produced by the plant are sold to Emirates Water and Electricity Company under a long-term power and water purchase agreement over the remaining contract period of around 22 years.
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