Abu Dhabi power scheme nearing financial close
Abu Dhabi’s Shuweihat S3 power project is due to reach financial close by the end of April, and bankers are targeting the end of March to sign documents for the $1.3bn debt package.
The financing for the project is split between $370m Japan Bank for International Cooperation (JBIC) loan, $370m from Export-Import Bank of Korea through a direct loan and loan insurance, and a $360m commercial bank tranche.
The bank tranche will be provided by:
- HSBC (UK)
- National Bank of Abu Dhabi (UAE)
- Bank of Tokyo-Mitsubishi (Japan)
- Sumitomo Bank (Japan)
- Samba (Saudi Arabia)
Pricing is understood to start at 175 basis points above the London interbank offered rate (Libor), rising to 250 basis points above Libor.
Shuweihat S3 will be a 1,600MW project and is due to come online in mid-2013.
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