Al Taweelah-1 power and water project, estimated to cost $1.4 billion and being undertaken by Abu Dhabi Water and Electricity Authority, TotalFina-Elf and Tractebel consortium, has recently received positive news, reported Khaleej Times. A group of well-established and high-market value banks have agreed to support the project with a $1 billion loan.
The loan being provided by the National Bank of Abu Dhabi (NBAD), Citibank and Banque Paribas has a tender of 18 and a half years and a variable price structure ranging from 110 basis points over Libor to 140 basis points.
NBAD CEO Michael Tomalin made the announcement during the opening ceremonies of its 52nd branch in Sharjah. From the initial investment, divisions of the facility will be sold largely in European and American markets “where the capacity to handle long-term exposure”, he said, “is better developed.” He also said that the facility will be made available to general syndication early next year. — (Albawaba-MEBG)
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