Fujairah Asia Power Company PJSC (“FAPCo”) was established on 23rd October 2007 as a Private Joint Stock Company within the United Arab Emirates (“UAE”).
Sixty percent (60%) of the equity in the Company is held by the Fujairah Water and Electricity Company ("FWEC": a wholly owned subsidiary of ADWEA), with the remaining forty percent (40%) held by Fujairah F2 CV (“F2CV”) a Limited Partnership Company - in turn owned on a 50:50 basis by offshore subsidiaries of International Power plc (“IPR”) and Marubeni Corporation (“MC”).
A Shareholder’s Agreement between F2CV and FWEC governs the relationship between the shareholders, and provides the corporate structure for the management and operation of the affairs of the Company.
F2CV signed a 20 year Power and Water Purchase Agreement (“PWPA”) with ADWEA on 19th July 2007, along with other supporting Project Documents. These documents were later “novated” to FAPCo and form the corporate as well as financing structure for development of a “green field” 2000 MW and 130 MIGD power and desalination facility (“Fujairah F2 Plant”) at a pre-selected site at Quidfa, Emirate of Fujairah, approximately 280 kms. east of the City of Abu Dhabi.