27 Feb 2007
Abu Dhabi: Suez Energy International, in a consortium with its partners Mubadala Development Company, the investment arm of the Government of Abu Dhabi, and National Trading Company, yesterday completed the limited-recourse financing of the SMN Barka Power Company SAOC.
SMN Bar is the owner of the greenfield Barka 2 Independent Water and Power Project. A syndicate of 15 international and regional banks provided the $800 million loan.
The syndicate was led by HSBC and Sumitomo Mitsui Banking Corporation, together with KBC, Calyon, Natixis, BNP Paribas, Mashreqbank, Arab Bank, GIB, BankMuscat, National Bank of Abu Dhabi, KFW-Ipex, BayernLB, WestLB, Standard Chartered Bank and Mizuho.
Coverage
The financing not only involved Barka 2, but also covered the acquisition loan for the successful takeover of the Al Rusail Power Company on Jan-uary 31.
Guy Richelle, Chief Executive of Suez Energy Middle East, Asia and Africa, said that the transaction was completed within 70 days from signing the project documents.
"This represents significant efforts by partic-ipating banks and their advisors and by the Suez teams, who just completed the financing of the Taweelah A1/10 IWPP extension in Abu Dhabi at the beginning of this month," Richelle said.
"With this deal, Suez has once again demonstrated its expertise and creativity in finalising complex fin-ancial transactions," he added.
By Mohammad Ezz Al Deen
Gulf News 2007. All rights reserved.
