Dubai: Utility Abu Dhabi Water & Electricity Authority (ADWEA) is in talks with banks about issuing a project bond as early as this year to refinance debt used to construct a power and water plant, two sources aware of the matter said on Sunday. The offering could raise up to $350 million (Dh4.2 billion) and would be classified as a quasi-sovereign issue, as ADWEA is wholly owned by the government of Abu Dhabi, the sources added. Proceeds from the bond sale will be used to refinance bank debt linked to the Fujairah 1 independent water and power plant, the sources said on condition of anonymity as the information is not public. ADWEA didn’t immediately respond to requests for comment.