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Sunday, 11 December 2016

Dubai's DEWA gets finance for $3.4 bln coal power plant | Reuters

Dubai's DEWA gets finance for $3.4 bln coal power plant | Reuters:
"Dubai Electricity and Water Authority has closed the financing package that will back the construction of a 2,400 megawatt coal-fired power plant in the emirate, according to a statement from one of the developers on Sunday.

The Hassyan plant will be developed through a joint venture, with the Dubai utility firm holding a 51 percent stake and the rest split between China's Harbin Electric and Saudi Arabia's ACWA Power (IPO-ACWA.SE).

The financing package is divided between a senior secured loan and secured mezzanine financing, ACWA said. It did not specify exactly how much of the project's $3.4 billion cost would be covered by the package but previously, officials had indicated around 80 percent would be provided by commercial bank loans.

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