TAQA says the successful Dh4 billion refinancing shows the 'appetite' for funding major utility projects in Abu Dhabi. Image Credit: Supplied

Dubai: The Abu Dhabi based Mirfa International Power & Water Company has completed a Dh4 billion ($1.09 billion) refinancing. Under the revised terms, the financing, denominated in dollar, will mature on September 30, 2042.

This was confirmed by TAQA, the Abu Dhabi utility giant. “TAQA Group is committed to securing competitive finance for our assets to maximize returns for our shareholders and business partners,” said Farid Al Awlaqi, Executive Director of Generation at the company. “The refinancing of more than $1 billion of MIPCO’s debt facilities showcases the hard work of many of our stakeholders and the appetite for funding major utility projects in Abu Dhabi, at which TAQA is at the helm.”

MIPCO is the project company that owns and operates the Mirfa power and water plant. Nine international and regional lenders participated in this refinancing.

“As a leading independent power and desalination water developer and producer in the GCC, at Engie, we are delighted to announce this refinancing deal for our Mirfa independent water and power plant in Abu Dhabi,” said Frederic Claux, Managing Director, Thermal and Supply AMEA, at the French firm, which has a 20 per cent stake in MIPCO. “Not only does this demonstrate our track record in structuring large and complex financing transactions to provide greater security for our shareholders, but also our commitment to meeting the growing demand for electricity and water in the region and reconciling economic performance with a positive impact on people and the planet.”

MIPCO shareholding mix
The Mirfa International Power and Water plant has a gross installed power capacity of 1.7 gigawatts (GW) and 53 million imperial gallons per day (MIGD) gross water desalination capacity.

It is 60% owned by TAQA, with ENGIE and Sojitz owning 20% stakes each.

The plant uses a combined-cycle gas turbine power plant along with a Reverse Osmosis plant and three multi-stage flash desalination units.