Dozens of billion-dollar power stations have sprouted across the GCC in the past decade, nourished by a flow of syndicated loans from western banks. But the current credit crisis has interrupted that movement of funds, leaving project developers scrambling to find alternate sources of funding even as electricity demand continues to rise.
When credit was easily available, banks across the world were happy to commit to power projects in the region since they were viewed as priority investments backed by resource-rich governments.
Now, dependable entities such as the Abu Dhabi Water and Electricity Authority (ADWEA) have been forced to seek expensive, short-term financing, while some projects across the region are threatened with delays.
No comments:
Post a Comment