Abu Dhabi Water & Electricity Authority (Adwea) and GDF Suez have signed a $1.5-billion financing package for the UAE emirate's Mirfa independent water and power project (IWPP).

The Mirfa IWPP, the 10th such scheme in the emirate, was financed through a mix of bank debt and equity from the shareholders, a statement from Adwea said.

No details on terms for the bank debt were given, nor the split between debt and equity. However, it did state that a consortium of 13 local and international financial institutions are funding the project, with nearly $500 million of debt committed by four Abu Dhabi banks.

Adwea holds an 80 per cent stake in the project, with GDF Suez the remaining 20 per cent.

Expected to start commercial operations on a phased basis between 2016 and 2017, the Mirfa IWPP will have a total power capacity of 1,600 megawatts (MW) and 52.5 million gallons per day of seawater desalination capacity. – TradeArabia News Service