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FinancialNews


  • 19-11-19

    Acwa consortium closes its financial funding for USD800m UAQ plant

    (MENAFN) The leader in power generation and water desalination plants, Acwa Power, said its consortium with MDC Power Holding Company, an entity fully-owned by Mubadala Investment Company, along with the Federal Electricity and Water Authority (Fewa), has achieved the financial closure for an independent water project (IWP) coming up in the emirate of Umm Al Quwain at an investment of USD800 million.

    The desalination project, which boasts a 150-million-gallons-per-day capacity, is being financed on a debt to equity ratio of up to 85/15. A syndicate of seven international and local lenders will provide the USD680 million senior debt.

    The mandated lead entities including Korea Development Bank, MUFG Bank, Siemens Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, First Abu Dhabi Bank and Samba Financial Group helped structure the first IWP non-recourse project finance debt for Fewa on a 24.5-year door-to-door tenor.

    MENAFN1911201900450000ID1099294434

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