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AD, $2.6bn power deal
- United Arab Emirates: Tuesday, April 26 - 2005 at 07:26
Abu Dhabi will build its fifth water and power project in the emirate after a $2.667bn financing facility was signed yesterday, reported Gulf News. The finance consists of a $940m commercial loan, equity bridge financing of $527m and a $1.2bn loan by the Japan Bank of International Cooperation. The commercial loan is being underwritten by 15 local and international banks. NBAD and ADCB are underwriting Adwea's 60% portion of the equity bridge financing, while HSBC acted as financial advisor on the project. The Taweelah B project will supply 2,000 megawatts of power and 160m gallons of water a day by 2008.
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James McInerney, News EditorTuesday, April 26 - 2005 at 07:26 UAE local time (GMT+4)
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