The tenor ended up at 25 years – the longest ever for a power deal in the region. The pricing starts at 65 basis points (bp) over Libor, dropping to 50 bp post-construction before stepping up to 85 bp and on to 115 bp.

HSBC and Qatar National Bankare each understood to have offered to underwrite half of the $525 million financing, which comprises a $465 million tranche to fund the capital costs of the project and a $60 million stand-by facility. Gulf International Bankand a number of international banks were also invited to join the deal.

Mandated lead arrangers are due to be appointed shortly after Eid, with financial close scheduled for late February. The RAF B2 project calls for the installation of 597 MW of power and 29.4 million gallons a day of desalination capacity.