TAQA strongly supports Islamic project finance model

Regionally, Islamic project finance has grown substantially, such that every major recent project in the GCC has incorporated and Islamic tranche.

Key reasons for the growth of Islamic finance include: increased sophistication of Islamic products; rising need for alternative sources of liquidity; and a desire on the part of national governments to promote Shariah-compliant lending.

"TAQA fully supports Islamic project finance because we believe that it is structurally sound borrowing, in addition to being appropriate to our region's beliefs and traditions," said Peter Barker Homek, CEO of Abu Dhabi National Energy Company PJSC.

"Moving forward, TAQA will attempt to balance its Islamic and conventional borrowing," added Barker Homek, speaking with international media on the sidelines of an Islamic project finance conference taking place today in Dubai, United Arab Emirates.

TAQA's use of high caliber financial and legal advisors allows for optimal deal structuring which suits the requirements of all financiers. In addition, effective project management and milestone reviews by senior TAQA management ensure that financing is kept 'on time' and 'on track'.

TAQA has made use of Islamic project finance models for the following assets in which it holds an interest: Emirates Power Company, Umm Al Nar IWPP, and Arabian United Power Company.

Last year, TAQA was presented with the Emerging Market Deal of the Year and Middle East Corporate Bond of the Year 2006 awards by EuroWeek.