Financial close for Fujairah power plant

23 April 2008
Financing of the $2.23bn debt portion of the funding needed for the Fujairah F2 independent water and power project (IWPP) has reached financial close.

The first stage of syndication closed in December 2007 with 14 banks providing between $30-60m in financing, in a $1.34bn, 22-year term loan. A further loan came from Japan Bank for International Co-operation.

An additional $565m three-year bridging loan was provided by Calyon and Sumitomo Mitsui Banking Corporation, who also acted as financial arrangers on the deal with Citigroup.

The F2 plant will produce 2,000MW of power and 130 million gallons of water a day when it is completed in 2010.

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