A consortium of Saudi private developer Acwa Power (40%), MDC Power Holding (40%: fully owned by Abu Dhabi sovereign wealth fund Mubadala), and the Federal Water & Electricity Authority (Fewa, 20%) have reached financial close for a 150 MIGD (680,000 m³/d) desalination plant to be built in Umm Al Quwain as an independent water producer (IWP) project.
Acwa announced on 17 November that funding for the $800mn project will have a debt to equity ratio of 85/15. The $680mn of senior debt will be provided by a syndicate of seven lenders: Korea Development Bank; Japan’s MUFG; Germany’s Siemens Bank; UK’s Standard Chartered; Japan’s Sumitomo Mitsui; First Abu Dhabi Bank; and Saudi Arabia’s Samba. (CONTINUED - 234 WORDS)