Banks received the preliminary information memorandum (PIM) in mid-December for the $525 million, 20-year debt package for the Ras Abu Fontas (RAF) B2 project. HSBC is acting as financial adviser; the client is Qatar Electricity & Water Company (QEWC).

The financing comprises a $465 million tranche to fund the capital costs of the project and a $60 million stand-by facility. The tenor is left open.

Under the aggressive schedule, banks are due to respond to the PIM by 30 December. Conditional appointment of mandated lead arrangers (MLAs) is due on 6 January, with documentation completed by 13 February and financial close a week later.

The RAF B2 project calls for the installation of 597 MW of power and 29.4 million gallons a day of desalination capacity. A team of the US’ GE Power Systems and Italy’s Fisia Italimpianti was awarded the engineering, procurement and construction (EPC) in mid-October (MEED 21:10:05).