For its next independent power project (IWPP), Abu Dhabi Water and Electricity Authority (ADWEA) has introduced flexibility into the financing process in order to allow a greater number of banks to participate, MEES learns.

The company has put the Mirfa IWPP up for tender, which will produce 1,400 - 1,600mw of power and 52.5mn gallons/day of desalinated water, and developers are due to respond by February next year. In the IWPP process developers bidding for the project arrange the financing, and include banks in their consortia. Once a winner is announced, typically banks from the unsuccessful consortia, plus other lenders, will come into the deal. Generally, IWPP financing is long term, and often has a tenor of over 20 years. (CONTINUED - 850 WORDS)