Abu Dhabi, UAE– Abu Dhabi National Energy Company (TAQA) has secured $1.09 billion in funding to refinance debt for Mirfa Power and Water Plant.
TAQA said in a statement that the Mirfa International Power & Water Company (MIPCO), which owns and operates the plant, secured the dollar-denominated financing from nine international and regional lenders. The funding will mature on 30 September 2042.
The syndicate of mandated lead arrangers comprised Abu Dhabi Commercial Bank, Bank of China (Dubai) Branch, First Abu Dhabi Bank, KfW IPEX-Bank GMBH, The Norinchukin Bank, Saudi National Bank, Shinsei Bank, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust Bank, TAQA said.
The funding was utilized to refinance the company’s debt facilities raised in 2014 as part of a soft-mini perm structure, an increasingly popular financing model within the region’s utility sector.
Farid Al Awlaqi, Executive Director of Generation at TAQA Group, commented, “The refinancing showcases the hard work of many of our stakeholders and the appetite for funding major utility projects in Abu Dhabi, at which TAQA is at the helm.”
Frédéric Halkin, Executive Managing Director, MIPCO, said, “The MIPCO Power and Water Plant in Mirfa is a key part of the UAE’s utilities infrastructure, supplying thousands of households with power and water every day. This financial milestone showcases not only the critical role of these assets in meeting the growing demand for power and water, but also how these best-in-class projects continue to attract commercially competitive financing.”
Mirfa plant has a gross installed power capacity of 1.7 gigawatts (GW) and 53 million imperial gallons per day (MIGD) gross water desalination capacity. It is 60 percent owned by TAQA, with ENGIE and Sojitz owning a 20 percent stake each.