Qatar-based AES Ras Laffan Holding and its joint venture partners have entered a Dh2.1 billion ($572 million) financing for the 750 MW - 40 MIGD power and desalination project with ten mandated lead arrangers, the Gulf News reported.
The finance facilities comprise an 18-year term and standby loan totaling $572 million.
The 20 percent equity of the joint venture partners - AES Corp (55 percent), Qatar Electricity and Water Corp (10 percent), Qatar Petroleum (10 percent) and Gulf Investment Corp (10 percent) - will be contributed pro rata to the loan drawdown, the daily said.
The mandated lead arrangers are ANZ Investment Bank, Arab Banking Corp, Barclays Capital, BNP Paribas, Gulf International Bank, HSBC Bank ME, Qatar National Bank, Societe Generale, the Bank of Tokyo-Mitsubishi, and Industrial Bank of Japan.
For AES, this is the second project in the Middle East, and follows the AES Barka power and desalination project in Oman earlier this year.
Tabish Gauhar, AES project director, was quoted by the Dubai-based paper as saying that "the Ras Laffan project is important for AES in the region."
"We are thankful to the Qatar government for giving us the opportunity," added Dennis Bakke, AES president and chief executive - Albawaba.com