Tickets of $40 million and $20 million were offered carrying fees of 75 basis points (bp) and 50 bp over Libor. However, the sell-down raised about twice as much as the MLAs were looking for so the syndication banks have been scaled back considerably. It is understood that $400 million-500 million was sold.

The 20-year debt has a margin of 105 bp over Libor pre-completion, which drops to 100 bp post-completion before gradually stepping up to 150 bp. Financial close on the IWPP, which will have capacity of 1,025 MW and 60 million gallons a day of water, was reached in early April. QEWC has a 55 per cent stake in the project company, IP holds 40 per cent and Chubu owns 5 per cent. First power is due by April 2006. Qatar General Electricity & Water Corporation (Kahramaa) is handling the project (MEED 8:4:05).