Just over $1 billion of debt financing has been secured for the Taweelah A1 power generation and desalination plant in Abu Dhabi.
The financial package was handled by London-based law firm Norton Rose, acting for the lead arrangers BNP Paribas and Citibank.
The loan will be used to acquire the existing Taweelah A1 power plant and to refurbish, upgrade, maintain and operate it. The upgrading of the power generation facilities will increase the capacity from 255MW to 1350MW, resulting in an increase in the installed capacity in Abu Dhabi of 25% in generating capacity and 18% in potable water production capability.
The scheme is sponsored by the Abu Dhabi Water and Electricity Authority (60 per cent), Total Fina Elf (20 per cent) and Tractebel (20 per cent). The contract includes long term water and power purchase agreements and a gas supply agreement with the Abu Dhabi Water and Electricity Co.
