GE Vernova to divest Hamriyah IPP stake
25 April 2025
US-based GE Vernova is looking to divest its interest in the 1,800MW Hamriyah independent power producer (IPP) in the UAE’s northern emirate of Sharjah, sources familiar with the process tell MEED.
Sharjah Hamriyah Independent Power Company (Shipco) is the project company that owns and operates the combined-cycle gas turbine plant.
GE Capital owns a 25% stake in the project company. The other shareholders are Sumitomo, which owns 35%; Sharjah Asset Holding Management, 25%; and Japan’s Shikoku Electric Power, 27%.
MEED understands that international bank BNP Paribas is running the sale process for GE Vernova, which expects to receive non-binding offers “within a month”.
One of the sources said that Saudi, UAE and other international utility developers and investors are likely to bid for GE’s stake in the project.
Sharjah Electricity & Water Authority (Sewa) awarded a joint venture of Japan’s Sumitomo and US-based GE the contract to develop the 1,800MW CCGT project, Sharjah’s first IPP, in December 2018. The project reached commercial operations in October 2023.
MEED has requested comments from GE Vernova.
Energy-efficient gas turbines
The power plant runs on three GE Vernova 9HA.01 turbines, which GE Vernova describes as its most energy-efficient gas turbines to date.
GE Vernova’s Gas Power business has provided turnkey engineering, procurement and construction (EPC) services and delivered the three 9HA.01 gas turbines powering three H84 generators, three STF-D650 steam turbines powering three A74 generators, and three heat recovery steam generators for the facility.
It also plans to provide parts, repairs and maintenance services for power generation assets at the site for about 25 years.
Financial close
The project reached financial close in May 2019 with support from private banks Japan Bank for International Cooperation (JBIC) and Nippon Export & Investment Insurance.
The 24-year, $1bn financing consists of two tranches.
A group of private financial institutions including Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, the Norinchukin Bank, Societe Generale, Standard Chartered Bank and kfW-Ipex agreed to provide the first $516m tranche.
JBIC agreed to provide the second tranche of $555m.
The project marks Sewa’s first IPP, with previous plants all developed under standard EPC contracts. It is part of Sewa’s plans to boost capacity and reduce reliance on electricity imports from Abu Dhabi, which have grown steadily over the past decade.
Abu Dhabi state utility Emirates Water & Electricity Authority said that the commissioning of the plant in 2023 was expected to reduce its electricity exports, although this will be offset by the addition of offshore demand from Abu Dhabi National Oil Company starting in 2026.
Photo credit: GE Vernova, for illustrative purposes only
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