Dewa seals significant $1b credit facility deal

Dubai Electricity & Water Authority (Dewa) has successfully closed a $1 billion Export Credit Agency (ECA) backed financing deal in support of its ongoing and future capital expansion.

The financing - arranged by Calyon, Citi, Deutsche Bank & HSBC - has a maturity of 13 years and is supported by comprehensive guarantees from European ECAs Coface, Hermes and SACE for contracts awarded to the French, German and Italian suppliers.

This is the first major ECA financing for a sovereign in the UAE and as such carries a high profile.