French energy company GDF Suez is helping meet water and power supplies for the United Arab Emirates with a $1.5 billion investment, its chairman said Thursday.

The company announced the deal for the Mirfa Independent Water and Power project with its counterparts at the Abu Dhabi Water and Electric Co.

"This new project will allow us to pursue our growth strategy in the region and to meet the increasing demand for both electricity and water in the United Arab Emirates," Chairman and Chief Executive Officer Gerard Mestrallet said in a statement.

GDF Suez estimated the capital cost of the project at around $1.5 billion. Once completed, the project should be able to churn out 1,600 megawatts of power and desalinize 63 million gallons of seawater each day.

Commercial operations should start within the next two years. The French company already has five power and water plants in service in the United Arab Emirates.