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FUNDING FOR SHUWEIHAT PROJECT

Taqa set to launch $800m power plant bond

Abu Dhabi, March 13, 2013

Abu Dhabi National Energy Company (Taqa), the state-owned energy and utility firm, expects to launch an $800 million project finance bond related to the Shuweihat S2 power and water plant in the second quarter, a senior executive said on Wednesday.

"It'll be sometime in the second quarter," Taqa chief financial officer Stephen Kersley said on a conference call to discuss the firm's annual results.

"We have our indicative rating in place, we have the proforma of a refinancing deal in place, we have our documentation in place, we're ready to go," the official stated.

"We just have to get through the final pieces of the negotiation with the lender group which we're hopeful we will in the next few weeks and then you can expect to see us in the market," he added.-Reuters




Tags: abu dhabi | Taqa | Energy | Oil | bond |

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