DEWA's Hassyan project closes $2.47bn funding deal
The project includes the building of the first phase of a proposed 2.4 gigawatt coal fired power station in Hassyan.
Hassyan Energy has completed a $2.47bn financing package to build its Hassyan clean coal plant in Dubai.
The project, part of a joint venture between Acwa Power, Harbin Holding Company and Dubai Electricity and Water Authority (DEWA), includes the building of the first phase of a proposed 2.4 gigawatt coal fired power station in Hassyan.
Hassyan Energy said that total project investment stood at $3.4bn with limited recourse project financing split into a combination of senior secured financing and a secured mezzanine tranche, according to The National.
Mohammed Abunayyan, chairman of Acwa Power said: "The commitments from a diverse group of lenders from various jurisdictions demonstrates the strength of the transaction and, above all, further demonstrates the faith and belief that financial markets have in Dewa's track record and strength and belief in the Dubai initiatives in delivering large scale projects on the PPP framework.”
The banks and institutions involved include Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, China Construction Bank, Silk Road Fund, First Gulf Bank, Union National Bank, Standard Chartered Bank, National Commercial Bank, Commercial Bank International and Emirates NBD.