The four lead arrangers on the $255 million facility are BNP Paribas, HSBC Investment Bank, Bank of Tokyo-Mitsubishiand Bank of Bahrain & Kuwait (MEED 8:2:02).

The overall financing requirement of $300 million has been met by the provision of three separate tranches. The first, for $200 million, is a straightforward facility backed by the Swiss export credit agency, ERG.

The second, for $55 million, is an Islamic Sukuk structure. Although BNP Paribas and HSBC Investment Bank have been at the fore of the Islamic structuring, it is expected that two other regional Islamic financial institutions will participate in this part of the transaction.

‘The $255 million is not being syndicated, the mandate was issued on a club basis,’ says a banker close to the transaction. ‘The possible inclusion of a couple of Islamic banks amounts to just the expansion of the club.’

The remaining $45 million of finance for the project is expected to be provided by the Kuwait Fund for Arab Economic Development, and this is not being managed by the lead arranging group of banks.

Norton Rosehas acted as international legal counsel on the transaction.