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Reports suggest plans for Shuweihat refinancing

$800m bond sale reportedly planned by power site partners

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Reports have suggested the Shuweihat S2 consortium partners could be considering an $800m bond sale. (GETTY IMAGES)
Reports have suggested the Shuweihat S2 consortium partners could be considering an $800m bond sale. (GETTY IMAGES)

Abu Dhabi National Energy Company (TAQA) is reportedly considering a US $800 million bond sale next quarter to refinance the Shuweihat S2 power and water plant, according to Bloomberg. Undisclosed sources close to the potential deal have stated that funds raised by the project bond would be used to refinance existing bank loans. Revenue from the plant was suggested as a means to repay the bond.

The reports have suggested that talks are ongoing with lenders concerning refinancing terms, with discussions also still underway surrounding the size of the bond.

The Shuweihat S2 plant became fully operational back in October of last year, providing 1,510 MW of power output and 100 MIGD of water to Abu Dhabi Water and Electricity Company (ADWEC) under a 25-year purchase agreement.

The site is owned by a consortium that includes TAQA (54%), IPR-GDF Suez (20%), Abu Dhabi Water and Electricity Authority (ADWEA) (6%), Marubeni Corporation (10%), and Osaka Gas (10%).
 

 

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