The US$2.18bn financing for the expansion of one of Abu Dhabi’s utilities plants has closed.
The financing for Taweelah B Independent Water and Power Project (IWPP), the largest utilities financing to date in the Arab Gulf states, was arranged and underwritten by Standard Chartered,
- BNP Paribas and KfW. The project is the fifth IWPP developed in Abu Dhabi under the government’s successful programme for the privatisation of the water and power sector.
The deal comprised a US$1.24bn term overseas investment loan from Japan Bank for International Cooperation (JBIC) and a US$940mn commercial loan from various local, regional, and international commercial banks.
Marubeni Corporation, BTU Power Company, Powertek Berhad and JGC Corp are raising capacity of the plant, with Abu Dhabi’s utilities authority as a majority 60% shareholder.
Once completed, the plant will provide capacity of approximately 2,000MW of power, up from 928MW, and up to 160mn imperial gallons a day of desalinated water, up from 92 MIGD.