The developers of Abu Dhabi’s Shuweihat 2 independent water and power project (IWPP) finished raising $2.2bn of debt for the project on 15 October.

MEED has previously reported that the developers planned to raise all the capital by 15 October.

A total of 15 lenders committed $2.2bn in long-term debt to the project. The scheme is being developed by Belgium’s Suez Energy International, Japan’s Marubeni Corporation and Abu Dhabi Water & Electricity Authority.

Japan Bank for International Corporation provided $1.1bn debt. The remaining $1.1bn of commercial bank debt came from France’s BNP Paribas, Calyon, Natixis and Societe Generale; Germany’s Bayern LB and KfW; Japan’s Bank of Tokyo-Mitsubishi, Mizuho, SMBC and Sumitomo Trust; Saudi Arabia’s Samba; the UK’s HSBC and Standard Chartered Bank; and National Bank of Abu Dhabi.

The banks set the margin on their debt at 260 basis points above the London interbank offered rate (Libor), rising to 350 basis points over the 22-year duration of the debt.

The project is funded under a 84:16 debt-equity split.

The project sponsors used a $900m bridge loan to finance the project in early 2008.

They have sought a source of long-term funding to replace the bridge loan and to raise the rest of the capital.