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Abu Dhabi's IWPP eyes September bond
- United Arab Emirates: Thursday, September 06 - 2012 at 12:21
Abu Dhabi's Shuweihat 2 independent water and power plant (IWPP) project may launch a bond by the end of September as part of a $2.2bn refinancing plan, with a final decision on timing dependent on the issuer obtaining a credit rating, Reuters has reported, citing three sources familiar with the matter. The bond will be the first time a Gulf region power project has tapped debt capital markets for funding and a rare example of a project bond from the Middle East. "The bond will hopefully be this month but they will need to secure the rating first, which they are in the process of doing," said one banker with knowledge of the matter.
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