The $562 million facility comprises three tranches: a AED 495 million ($135 million) dirham-denominated bond, a $163 million Islamically-structured loan and a $264 million commercial facility. Abu Dhabi Islamic Bank is lead-arranging the Islamic tranche while the conventional facility is likely to be structured as a club deal. Participating banks are understood to be Abu Dhabi Investment Company, ANZ Investment Bank, Arab Bank, Barclays Capital, Gulf International Bank, HSBC, National Bank of Abu Dhabi (NBAD), National Bank of Kuwait, NordLB, Societe Generale and Union National Bank(MEED 18:7:03).

Speaking at MEED’s Project Finance conference in Bahrain on 7-8 October, Nadia bin Zaal, head of the project finance privatisation directorate at Abu Dhabi Water & Electricity Authority (ADWEA), said that once the refinancing was completed, ADWEA would look to sell down part of the government’s stake in the project company through an initial public offering (IPO).