Gulf Arab utility Taqa  has appointed five bookrunners to arrange a $3.1 billion, one-year syndicated loan, a banking source said on Thursday.

The bookrunners are Bank of Tokyo-Mitsubishi UFJ, Barclays, BNP Paribas, Citigroup and Royal Bank of Scotland.

State-owned Abu Dhabi National Energy Company (Taqa) will use the deal as a corporate liquidity line.

Taqa operates six power generation and water desalination plants in the UAE.-Reuters