TAQA refinances $1.1bn facility of Mirfa power and water project

TAQA

Abu Dhabi National Energy Company (TAQA) said that its majority-owned subsidiary, Mirfa International Power and Water Company (MIPCO), has refinanced a AED 4 billion ($1.09 billion) debt facility.

MIPCO owns and operates the Mirfa Power and Water Plant (Mirfa IWPP). The company is 60 percent owned by TAQA, with France’s ENGIE and Japan’s Sojitz owning a 20 percent stake each.

The proceeds from the new long-term senior secured loan were utilised to refinance the Abu Dhabi-based power and water company’s existing debt facilities from 2014.

The long-term US dollar facility is slated to mature on September 30, 2042. Nine international and regional lenders participated in this refinancing.

Abu Dhabi Commercial Bank, Bank of China (Dubai) Branch, First Abu Dhabi Bank, KfW IPEX-Bank GMBH, The Norinchukin Bank, Saudi National Bank, Shinsei Bank, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust Bank were mandated lead arrangers.

Mirfa International Power and Water plant is a combined-cycle gas turbine power plant along with a modular reverse osmosis plant and three multi-stage flash desalination units. 

It has a gross installed power capacity of 1.7 gigawatts and 53 million imperial gallons per day gross water desalination capacity, the statement said.