Financing for $500m sewerage project to be finalised by end of September
Abu Dhabi Sewerage Services Company (ADSSC) is aiming to complete a $500m long term financing for a sewage project in the emirate by the end of September, according to bankers close to the deal.
The completion of long term funding follows the extension of an $85m bridge loan by two months until the end of September. The bridge loan had to be extended from July after ADSSC failed to get longer term financing in place by the time it matured.
Three banks provided the bridge loan, France’s Calyon and Natixis and National Bank of Abu Dhabi. They are all expected to be involved in the longer term financing, and several other banks have also been approached.
The bridge loan has enabled 70 per cent of the design work, and 10 per cent of the construction on the project, known as the second Independent Sewage Treatment Plant (ISTP2), to be completed.
The project involves the construction of treatment plants in Al Ain and Abu Dhabi by a consortium of France’s Veolia and Belgium’s Besix, and is sponsored by ADSSC.
You might also like...
McDermott completes financial restructuring exercise
28 March 2024
Region heads for hotel boom
28 March 2024
Lowest bidders emerge for Kuwait housing project
28 March 2024
Redcon wins Red Sea Triple Bay infrastructure deal
28 March 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.