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A US$1.77bn loan for the Umm Al Nar independent power and water plant in Abu Dhabi has been syndicated. Lead arrangers are Abu Dhabi Commercial Bank, Abu Dhabi Investment Company, Abu Dhabi Islamic Bank, Bank of Tokyo-Mitsubishi, BayernLB, First Gulf Bank, Gulf International Bank, HSBC, ING, KfW, Mizuho, National Bank of Abu Dhabi , SMBC and WestLB.

The margin is 110bp over Libor up to project completion. Then it will be 100bp up to year seven, 115bp up to year 10, 130bp up to year 13, 155bp up to year 16 and 165bp up to year 20.