UAE’s TAQA secures AED4 billion Project Financing for Mirfa International Power & Water Plant

UAE’s TAQA secures AED4 billion Project Financing for Mirfa International Power & Water Plant

Abu Dhabi National Energy Company (TAQA), UAE has announced that the Mirfa International Power & Water Company (MIPCO), the project company that owns and operates the Mirfa Power & Water Plant (Mirfa IWPP), successfully completed refinancing of AED4 billion (US$1.09 billion).

This long-term financing is denominated in USD and is slated to mature on 30th September, 2042. Nine international and regional lenders participated in this refinancing.

The syndicate of mandated lead arrangers comprised Abu Dhabi Commercial Bank, Bank of China (Dubai) Branch, First Abu Dhabi Bank, KfW IPEX-Bank GMBH, The Norinchukin Bank, Saudi National Bank, Shinsei Bank, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust Bank.

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.

Farid Al Awlaqi, Executive Director of Generation at TAQA Group, commented, “TAQA Group is committed to securing competitive finance for our assets to maximise returns for our shareholders and business partners. The refinancing of more than US$1 billion of MIPCO’s debt facilities showcases the hard work of many of our stakeholders and the