09 April 2013
MUSCAT -- Euromoney Publications Project Finance Magazine has awarded ACWA Power Barka SAOG with the "Middle East Power Deal of the Year -- 2012" for its refinancing and greenfield financing initiative undertaken during the year. This prestigious award is a testimony of the creativity embedded in the deal. It is worth noting that for the first time a refinancing-cum-greenfield transaction is being awarded with prominence despite the fact that many new greenfield projects in the regional power sector were closed in 2012.
The refinancing involved taking over the loans from the existing lenders which included a host of international and regional banks. Bank Muscat SAOG was the Mandated Lead Arranger for the refinancing while National Bank of Oman SAOG and Arab Banking Corporation BSC participated as Lead Arrangers. The new debt facilities under the refinancing arranged by the 3 banks comprised a RO denominated loan facility of $ 162.39 million (RO 62.54 million) and a $ denominated loan facility of $ 28 Million (RO 10.78 Million).
The award ceremony was held in Dubai, United Arab Emirates which was attended by the Chairman of the board of directors, Board members, project lenders and the management of the Company.
MUSCAT -- Euromoney Publications Project Finance Magazine has awarded ACWA Power Barka SAOG with the "Middle East Power Deal of the Year -- 2012" for its refinancing and greenfield financing initiative undertaken during the year. This prestigious award is a testimony of the creativity embedded in the deal. It is worth noting that for the first time a refinancing-cum-greenfield transaction is being awarded with prominence despite the fact that many new greenfield projects in the regional power sector were closed in 2012.
The refinancing involved taking over the loans from the existing lenders which included a host of international and regional banks. Bank Muscat SAOG was the Mandated Lead Arranger for the refinancing while National Bank of Oman SAOG and Arab Banking Corporation BSC participated as Lead Arrangers. The new debt facilities under the refinancing arranged by the 3 banks comprised a RO denominated loan facility of $ 162.39 million (RO 62.54 million) and a $ denominated loan facility of $ 28 Million (RO 10.78 Million).
The award ceremony was held in Dubai, United Arab Emirates which was attended by the Chairman of the board of directors, Board members, project lenders and the management of the Company.
© Oman Daily Observer 2013
