The lenders to the deal include Bayern LB, Calyon, KfW, Natixis, National Bank of Abu Dhabi and Standard Chartered. Additionally Shuweihat 2 issued a Notice to Proceed on December 11, 2008 for the construction work on the power generation and seawater desalination project in Abu Dhabi, where completion and start-up of the plant is scheduled for 2011. The EPC contractor consortium comprises of Siemens, Doosan and Samsung.
GDF SUEZ owns 40% of Shuweihat 2, with the remaining 60% owned by Abu Dhabi Water and Electricity Authority (ADWEA). An affiliate of ADWEA, the Abu Dhabi Water and Electricity Company (ADWEC) is the sole off-taker of the output in the plant, as stipulated in the 25-year Power and Water Purchase Agreeement.
Shuweihat 2 is a greenfield, natural gas-fired installation that will deliver 1,500 MW of electricity and 454,610 m³/ day of water. The plant will be located in the west of the Emirate, approximately 280 km from Al Taweelah, another power generation and desalination plant in which GDF SUEZ has a 20% stake.
The newly appointed Chief Executive Officer (CEO) of Middle East & North Africa for GDF SUEZ Energy International, Shankar Krishnamoorthy, commented "The success of this financing is evidence of the confidence of the banking community in the strength of our consortium, the project and in particular in Abu Dhabi, where power and water demand continue to increase."
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GDF SUEZ secures financing for Shuweihat 2 project
- United Arab Emirates: Wednesday, January 07 - 2009 at 09:07
- PRESS RELEASE
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GDF SUEZ Energy International and its partner Abu Dhabi Water and Electricity Authority (ADWEA) secured a $900m financing facility for Shuweihat 2.
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Posted by Medilyn Manibo, Assistant News EditorWednesday, January 07 - 2009 at 09:07 UAE local time (GMT+4)
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This article was updated on Wed Apr 08 2009.
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About GDF SUEZ
One of the leading energy providers in the world, GDF SUEZ is active across the entire energy value chain, in electricity and natural gas, upstream to downstream. It develops its businesses (energy, energy services and environment) around a responsible-growth model to take up the challenges of responding to energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources. GDF SUEZ relies on diversified supply sources as well as flexible and high-performance power generation in order to provide innovative energy to individuals, cities and businesses. The Group employs 196,500 people worldwide and achieved revenues of €74,3bn in 2007. GDF SUEZ is listed on the Brussels, Luxembourg and Paris stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Stoxx 50, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe and ASPI Eurozone.
One of the leading energy providers in the world, GDF SUEZ is active across the entire energy value chain, in electricity and natural gas, upstream to downstream. It develops its businesses (energy, energy services and environment) around a responsible-growth model to take up the challenges of responding to energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources. GDF SUEZ relies on diversified supply sources as well as flexible and high-performance power generation in order to provide innovative energy to individuals, cities and businesses. The Group employs 196,500 people worldwide and achieved revenues of €74,3bn in 2007. GDF SUEZ is listed on the Brussels, Luxembourg and Paris stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Stoxx 50, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe and ASPI Eurozone.
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