Abu Dhabi National Energy Company (TAQA), in partnership with French utility firm Engie and Emirates Water and Electricity Company (EWEC), has announced the financial closure of the Mirfa 2 Reverse Osmosis (M2 RO) desalination project.
The project, worth $620 million (AED 2.3 billion), is 78% funded through debt financing from international and local banks, including Abu Dhabi Islamic Bank (ADIB), BNP Paribas Fortis, Sumitomo Mitsui Banking Corporation (SMBC), Norinchukin Bank, BNP Paribas, and KfW IPEX-Bank.
The plant is expected to start commercial operation in the fourth quarter of 2025 and will produce 120 million imperial gallons per day of water, making it the UAE's third largest RO desalination plant.
The plant will be owned by TAQA with a 60% stake, while Engie will take the remaining 40% holding. EWEC will procure the water supplied from the plant for 30 years. The Mirfa project is EWEC's fourth desalination plant that uses RO technology, joining Mirfa 1, and the Fujairah F1 and Fujairah F2 hybrid water desalination and power plants.
