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Mirfa International Power & Water Company (MIPCO), a subsidiary of Abu Dhabi National Energy Company (also known as TAQA), has secured AED4 billion ($1.09 billion) in financing.
The long-term financing, denominated in U.S. dollars, is due on September 30, 2024, the energy company said in a regulatory filing on Wednesday on the Abu Dhabi Stock Exchange, where its shares are traded.
Abu Dhabi Commercial Bank, Bank of China (Dubai) Branch, First Abu Dhabi Bank. KfW IPEX-Bank GMBH, The Norinchukin Bank, Saudi National Bank, Shinsei Bank, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust Bank are the lead arrangers for the financing.
Proceeds from the new long-term senior secured loan were used to refinance the Abu Dhabi-based power and water company’s existing debt financing, which was structured in 2014 as part of a soft mini-perm structure, a A financing model sector popular with utility companies.
MIPCO is a combined cycle gas turbine power plant with a total installed capacity of 1.7 gigawatts (GW) and a total desalination capacity of 53 million imperial gallons per day (MIGD).
TAQA owns 60%, while ENGIE and Sojitz each own 20%.
Owned by Abu Dhabi state holding company ADQ, TAQA has a portfolio of energy assets in the UK North Sea, the Netherlands, Canada and Iraqi Kurdistan.
(Reporting by Brinda Darasha; Editing by Seban Scaria)
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