UAE banking group Emirates NBD and HSBC have made a US$200 million stapled debt facility available to bidders interested in constructing a new power plant for state utility Dubai Electricity and Water Authority (DEWA) , an Emirates NBD statement said on Tuesday.
The sum can be drawn upon to part-finance the commercial debt tranche which the consortia will have to put forward as part of their bids for the Hassyan 1 project.
The 1,500-megawatt Hassyan-1 power plant will be the first in Dubai to be built as an Independent Power Producer (IPP), whereby the producer sells its output to the utility, with the project to be financed as a public-private partnership (PPP).
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