The Barakah One Company (BOC), a subsidiary of the Emirates Nuclear Energy Corporation (ENEC) and the Korea Electric Power Corporation (KEPCO), held its first General Assembly yesterday and announced the members of its Board of Directors. Led by the Chairman of the Board, H.E. Khaled Abdulla Al Qubaisi, BOC is responsible for the commercial and financial interests of the Barakah project.
The Board members of Barakah One Company are Khaled Abdulla Al Qubaisi, Chairman, Mohamed Al Hammadi, Vice Chairman, Khalifa Al Suwaidi, Member, Mohammed Sahoo Al Suwaidi, Member and Park Jong Hyuck, Member
Established as a Joint Venture Company, BOC is a part of ENEC’s new corporate governance structure that will lead the delivery and long-term sustainability of the UAE’s Peaceful Nuclear Energy Program. Its mandate is to manage the commercial interests of the Barakah project, secure project finance from institutional and commercial lenders and receive funds for the electricity generated from Units 1 to 4 in Barakah. The Board will govern the performance of the company and ensure the senior leadership team maintain, and are held accountable, for the responsible financing of the UAE’s first nuclear energy plant and future industry.
“The announcement of our Board of Directors at our first General Assembly is a significant milestone in the UAE Peaceful Nuclear Energy Program,” said H.E. Khaled Abdulla Al Qubaisi, Chairman of the Board of Barakah One Company. “With the establishment of Barakah One, we entered the final stages of realizing the goals and objectives of the Barakah project, issued almost a decade ago. We are pleased to have the government of the Republic of Korea and ENEC’s Prime Contractor, KEPCO, as long-term strategic partners as we turn our vision into reality.”
Nasser Al Nasseri, Barakah One CEO, said: “In October of 2016, ENEC and KEPCO announced the establishment of Barakah One, the result of a Joint Venture Agreement designed to capitalize on KEPCO’s 40 plus years of nuclear experience. As a world-class energy company, Barakah One will ensure the delivery and long-term sustainability of the UAE Peaceful Nuclear Energy Program by applying international best practices and standards to the financing and management of the Barakah project’s commercial interests.”
In November 2016, BOC signed the first nuclear energy Power Purchase Agreement with Abu Dhabi Water and Electricity Company (ADWEC) for the purchase of the electricity to be generated at the Barakah Nuclear Energy Plant. The agreement establishes the contractual framework between the two entities for nuclear-generated safe, clean, efficient and reliable electricity produced at Barakah.
The Barakah project is progressing steadily. Construction began in 2012 and Unit 1 is now more than 94% complete and all four units are more than 76% complete. Once the four reactors are online, the facility will deliver up to a quarter of the UAE’s electricity needs.