A Dh4 billion ($1.09 billion) refinance was completed by the Abu Dhabi-based Mirfa International Power & Water Company. According to the modified conditions, the dollar-denominated loan will expire on September 30, 2042.
This was confirmed by TAQA, the Abu Dhabi utility giant. “TAQA Group is committed to securing competitive finance for our assets to maximize returns for our shareholders and business partners,” said Farid Al Awlaqi, Executive Director of Generation at the company. “The refinancing of more than $1 billion of MIPCO’s debt facilities showcases the hard work of many of our stakeholders and the appetite for funding major utility projects in Abu Dhabi, at which TAQA is at the helm.”
MIPCO is the project company that owns and operates the Mirfa power and water plant. Nine international and regional lenders participated in this refinancing.
Engie, a French company with a 20% ownership in MIPCO, said in a statement that it is “delighted to announce this refinancing arrangement for our Mirfa independent water and power plant in Abu Dhabi.” Engie is a leading independent power and desalination water developer and producer in the GCC. This “demonstrates our track record in structuring large and complex financing transactions to provide greater security for our shareholders, as well as our commitment to meeting the growing demand for electricity and water in the region and reconciling economic performance with a positive impact on people and the environment,” the company said.