At least five international banks are understood to have pitched for the financial advisory mandate on the refinancing of a $400m loan for the two wastewater treatment plants in a project known as the Second Independent Sewerage Treatment Plant (ISTP2).

Banks that have pitched for the role include France’s BNP Paribas, Natixis and Credit Agricole, the US’ Citigroup and Japan’s Bank of Tokyo Mitsubishi (BTMU).

The existing debt was arranged in 2009 for Abu Dhabi Sewerage Services Company (ADSSC), Abu Dhabi Water & Electricity Company (Adwea), and France’s Veolia and Belgium’s Besix.