Qatar Electricity and Water Company (QEWC) has secured a $450mn financing package with four Qatari banks for development of the Ras Abu Fontas A2 desalination plant, which it says will represent 10% of Qatar’s water production capacity when it starts operations in June 2015. The total cost of the plant is estimated at $500mn. QEWC awarded a turnkey project for the plant in January to Japan’s Mitsubishi Corporation and Thailand’s Toyo-Thai Corporation.

QEWC says that QNB Group will provide $180mn of conventional funding, while Barwa Bank, Masraf Al Rayan and Qatar Islamic Bank will each provide $90mn. QEWC business development manager Khalid Jolo said the transaction marks “the first time a Qatari developer, a Qatari offtaker and four Qatari banks are joining forces to make a strategic project happen without... foreign banks.” (CONTINUED - 265 WORDS)