Lead arrangers on the deal were Calyon, Citigroup and Sumitomo Mitsui Banking Corporation. Japan Bank for International Cooperation (Jbic) put $1.3bn into the project. The funding had been targeted to complete by 13 December, but was not concluded until the deals final completion date of 20 December.

Banks included in the syndication are HSBC, ING Bank, Mashreqbank, National Australia Bank, National Bank of Abu Dhabi, Standard Chartered and bank of Tokyo Mitsubishi.

The project, which is being developed by International Power and Marubeni, involves the construction of a 2,000MW power plant and a 130 million gallons a day desalination plant in the emirate of Fujairah.