Abu Dhabi power project wins $2.15 bln deal

Abu Dhabi has sealed a $2.15 billion long-term financing deal for its Shuweihat 2 water and power project, signalling the return of appetite for regional project finance, officials and bankers said on Monday.

The 22-year financing for the project by Abu Dhabi Water & Electricity Authority (ADWEA) from a consortium of 15 regional and international banks is the biggest financing deal in the region this year.

The Japan Bank for International Cooperation (JBIC) committed half of the financing, while National Bank of Abu Dhabi is the only bank from the United Arab Emirates that is part of the deal.