[ad_1]
Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utilities in EMEA, announced that Mirfa International Power & Water Company (Mipco) Power & Water Plant (Mirfa IWPP), the project company that owns and operates Mirfa , successfully completed a refinancing of AED 4 billion ($1.09 billion).
The long-term financing is denominated in U.S. dollars and is expected to mature on September 30, 2042. Nine international and regional lenders participated in the refinancing, a statement said.
The consortium of entrusted lead arrangers includes Abu Dhabi Commercial Bank, Bank of China (Dubai) Branch, First Abu Dhabi Bank, KfW IPEX-Bank, Agro-Forest Bank, Saudi National Bank, Shinsei Bank, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust bank.
Proceeds from the new long-term senior secured loan were used to refinance the existing debt financing of the Abu Dhabi-based power and water company, which was established in 2014 as part of the Soft Mini Perm structure, a An increasingly popular financing model in Abu Dhabi. regional utilities.
Farid Al Awlaqi, Executive Director, Power Generation, TAQA Group, commented: “TAQA Group is committed to securing competitive financing for our assets to maximize returns for our shareholders and business partners. MIPCO’s over $1 billion in debt financing The refinancing demonstrates the hard work of many of our stakeholders and the willingness to fund major utility projects in Abu Dhabi that are at the helm of TAQA.”
Frederic Claux, Managing Director of Engie Thermal and Supply AMEA, said: “As GCC’s leading independent power and desalination water developer and producer, we are delighted to announce at Engie the refinancing transaction of our Mirfa Independent Hydro Power Plant in Abu Dhabi. Not only is this a testament to our track record of structuring large, complex financing transactions to provide greater security to shareholders, but also our commitment to meeting the region’s growing electricity and water needs and aligning economic performance with benefits for people and society. Positive impact. Planet.”
Frédéric Halkin, Executive Managing Director of Mipco, said: “The Mipco Hydropower Plant in Mirfa is a key part of the UAE’s utility infrastructure, providing electricity and water to thousands of households every day. This financial milestone not only demonstrates that these assets are meeting the growing demands of It also shows how these first-class projects continue to attract commercially competitive financing.”
Mirfa International Power and Water Plant is a combined cycle gas turbine power plant with a modular reverse osmosis plant and three multi-stage flash desalination units. It has 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%.
Mipco’s refinancing was advised by renowned international law firm Allen & Overy, while the lead arranger team was supported by global law firm Linklaters LLP and WSP, one of the world’s leading engineering consultancies. – arab trade news agency
[ad_2]
Source link