DUBAI — The Abu Dhabi National Energy Company, TAQA, will finance for the United Arab Emirates’ largest gas-fired power plant, which is expected to cost approximately 4.2 billion dirhams ($1.14 billion), the company said on Tuesday.

The Fujairah F3 Independent Power Producer (IPP) project will have a generating capacity of 2.4 gigawatts, enough to power the equivalent of 380,000 UAE households, and is expected to start production by summer 2022.

TAQA and Abu Dhabi’s Mubadala Investment Company will jointly hold a 60 percent stake in the project, while the remaining 40 percent will be held by Japan’s Marubeni Corporation.

The external funding will be sourced from a consortium including Japan Bank for International Cooperation, BNP Paribas, Mizuho Bank, Sumitomo Mitsui Banking Corporation, Sumitomo Trust Bank, and Standard Chartered, TAQA said in a statement. — Agencies