Home / Finance on $1.4bn Abu Dhabi IPP almost complete

Finance on $1.4bn Abu Dhabi IPP almost complete

by Michael Palmer on Mar 29, 2011

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Financing will shortly be completed on Abu Dhabi IPP. (Getty Images)

Abu Dhabi Water and Electricity Authourity (ADWEA) has announced that is it expecting to complete financing for its 1,600 megawatt, $1.4 billion independent power project at Shuweihat by the end of April, Dow Jones newswires has reported.

The authority’s director general, Abdullah Al Nuaimi, said: “Bids were received from a foreign consortium, and we are working with our partner, Sumitomo, to complete the financial close at the end of April,” also stating that syndication had not yet started, and that they utility would target an 80-20 debt-to-equity ratio for its projects.

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