Abu Dhabi Offshore Power Transmission Company has secured more than $3.2 billion in financing with export credit agencies and banks for an offshore electricity transmission project, the Japan Bank for International Cooperation said in a statement.

The financing is to build and operate a high-voltage direct current offshore power transmission system linking two offshore production facilities owned by state-controlled oil giant Abu Dhabi National Oil Company (ADNOC) to Abu Dhabi’s onshore grid.

Japan Bank for International Cooperation (JBIC) provided $1.201 billion for the direct current transmission project. The remaining $2 billion was financed by Export-Import Bank of Korea, Mizuho, Sumitomo Mitsui Banking Corporation , BNP Paribas Fortis and Standard Chartered , JBIC said in the statement on Wednesday.

“The project will receive payment of power transmission charges from ADNOC for 35 years after the construction has been completed,” JBIC said.

ADNOC and JBIC signed a memorandum of understanding in November to cooperate on decarbonization, energy transmission and energy efficiency.

JBIC said the project was in line with the United Arab Emirates’ commitment in October last year to cut carbon dioxide emissions to net zero by 2050.

Reuters