The $400 million commercial tranche is being provided by a six-strong bank group. Royal Bank of Scotland acted as documentation bank and bookrunner, Gulf International Bank, Standard Chartered Bank and Sumitomo-Mitsui Banking Corporation were also bookrunners, Mizuho Financial Group was the global facility agent and Kreditanstalt fuer Weideraufbau was the technical insurance agent.

The 20-year deal is priced at 90-150 basis points. A $175 million equity bridge is also being provided while Japan Bank for International Co-operation (JBIC) is contributing $600 million. Conclusion of the deal follows the January signing of the key project agreements by a developer team comprising the UK’s International Power, Belgium’s Suez Tractebel and Japan’s Sumitomo Corporation in January (MEED 27:1:06).