The $1,035 million, 20-year conventional debt package has a step-up pricing mechanism, which was raised by about 15 basis points (bp) as a result of constrained appetite for the financing after the 11 September events. The signed pricing on the deal starts at 110 bp over Libor for the pre-completion phase, before rising to 115 bp up to year seven, to 125 bp from year eight to 10, and rising in steps thereafter to 175 bp from year 16 to maturity (MEED 14:12:01).

A $250 million Islamic tranche was also put in place to reduce pressure on the conventional bank market.

Deutsche Bankacted as financial adviser for the project and Trowers & Hamlins was the lead international and local counsel, advising both the developers, the US’ CMS Energyand the UK’s International Power. The project will see the construction on a build-own-operate (BOO) basis of a 100 million-gallon-a-day, 1,500-MW co-generation plant (MEED 30:11:01; 9:11:01).