Social workers have strongly urged all overstayers to take immediate steps to regularise their status within the stipulated time frame
Abu Dhabi National Energy Company (Taqa), a leading utility company in the Middle East, Africa and Europe, said on Wednesday that its subsidiary Mirfa International Power & Water Company (Mipco) had secured Dh4 billion refinancing Mirfa Power & Water Plant.
This long-term dollar denominated financing, is slated to mature on September 30, 2042.
“The proceeds from the new long-term senior secured loan were utilised to refinance the Abu Dhabi-based power and water company’s existing debt facilities, which were established in 2014 as part of a soft-mini perm structure, an increasingly popular financing model within the region’s utility sector, a Taqa statement said.
Farid Al Awlaqi, executive director of Generation at the Abu Dhabi listed Taqa Group, said his group is committed to securing competitive finance for our assets to maximise returns for our shareholders and business partners. The refinancing of more than $1 billion of Mipco’s debt facilities 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.”
Last week, Multiply Group acquired a 7.3 per cent stake in Taqa in a deal worth Dh10 billion. Taqa is one of the largest listed integrated utility companies in Europe, Middle East and Africa with operations in 11 countries across four continents. By 2030, the company’s power generation portfolio will be at least 30 per cent renewables.
The nine international and regional lenders involved in the refinancing comprised Abu Dhabi Commercial Bank, Bank of China (Dubai) Branch, First Abu Dhabi Bank, KfW IPEX-Bank, The Norinchukin Bank, Saudi National Bank, Shinsei Bank, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust Bank.
Mirfa International Power and Water plant is a combined-cycle gas turbine power plant along with a modular reverse osmosis plant and three multi-stage flash desalination units. It 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 per cent owned by Taqa, with Sojitz Corporation, a Tokyo-listed and ENGIE --- a global reference group in low-carbon energy and services --- owning a 20 per cent stake each.
“As a leading independent power and desalination water developer and producer in the GCC, at ENGIE, we are delighted to announce this refinancing deal for our Mirfa independent water and power plant in Abu Dhabi,” said Frederic Claux, managing director, Thermal and Supply AMEA, ENGIE.
“Not only does this demonstrate our track record in structuring large and complex financing transactions to provide greater security for our shareholders, but also our commitment to meeting the growing demand for electricity and water in the region and reconciling economic performance with a positive impact on people and the planet,” said Claux.
Frédéric Halkin, executive managing director, Mipco, said the 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.”
Mipco was advised on its refinancing by Allen & Overy LLP, a renowned international law firm, while the group of lead arrangers was supported by Linklaters, a global law firm, and WSP, one of the world’s leading engineering consulting firms.
— issacjohn@khaleejtimes.com
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