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It will raise funds through borrowing from South Korean, Japanese and other foreign banks by May and the plant will be completed in March 2014.
The costs will be recovered by selling electrity produced at the plant to Abu Dhabi Water and Electricity Co, a wholly owned unit of ADWEA, for 25 years.The consortium was picked as preferred bidder for the plant last October.A KEPCO led consortium also won a $20.4 billion deal in 2009 to build four nuclear power plants in the UAE.