French utility GDF Suez said it signed a 25-year water and power contract with the Abu Dhabi Water and Electricity Company as it seeks to capitalise on growing demand in the region.
The Mirfa project will be built at a cost of about $1.5 billion and will involve the acquisition of certain water and power facilities, the development, design, engineering and construction of new power and water facilities, and the operation of the plant, GDF Suez said.
"This new project will allow us to pursue our growth strategy in the region and to meet the increasing demand for both electricity and water in the United Arab Emirates," Chief Executive Gerard Mestrallet said in a statement on Thursday.
GDF Suez has five power and water plants in operation in the UAE. Once the Mirfa project is completed, GDF Suez said it would operate 10.4 gigawatts of power capacity and 2.77 million cubic metres a day of water capacity.
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