Abu Dhabi Water and Electricity Authority and GDF SUEZ achieve financial close of Mirfa Independent Water and Power Project in the Emirate of Abu Dhabi - Zawya

Abu Dhabi Water and Electricity Authority and GDF SUEZ achieve financial close of Mirfa Independent Water and Power Project in the Emirate of Abu Dhabi - Zawya:



"Abu Dhabi Water and Electricity Authority ( ADWEA ) and GDF SUEZ are pleased to announce that they have achieved financial close for the Mirfa Independent Water and Power Project (Mirfa IWPP) in the Emirate of Abu Dhabi in the United Arab Emirates (UAE). ADWEA holds an 80% equity interest in the project with the remaining 20% held by GDF SUEZ . The water and electricity that will be produced by the Mirfa plant will be sold to the Abu Dhabi Water and Electricity Company (ADWEC) under a Power and Water Purchase Agreement (PWPA) for a 25-year period.



The total investment cost of the project is approximately USD 1.5 billion, funded by a mix of debt and equity. The debt requirement for the project will be met through funding from a consortium of thirteen local and international commercial financial institutions. Close to USD 500 million of Senior Debt was committed by domestic banks in the Emirate of Abu Dhabi (First Gulf Bank, National Bank of Abu Dhabi, Union National Bank and Abu Dhabi Commercial Bank).



Located 120 km from Abu Dhabi city, the Mirfa plant project is the Emirate's tenth facility to be built under the public-private partnership IWPP model. The project will involve the acquisition of certain existing water and power facilities and the development, design, engineering and construction of new power and water facilities, as well as the operation of the plant. When finished, and with the existing and new facilities fully integrated, Mirfa IWPP will have a total power capacity of 1,600 MW and a seawater desalination capacity of 52.5 MIGD (238,665 m3/day)."



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