Abu Dhabi National Energy Company (Taqa) is close to completing a $3.1 billion five-year loan which will be used to consolidate existing debts into a new, lower-cost facility, three sources aware of the matter told Reuters on Wednesday.

The transaction has been finalised by the banks backing the loan, but the firm is still waiting for the assent of the emirate's Debt Management Office (DMO) before it can formally sign the deal, the sources said, speaking on condition of anonymity as the information is not public.

The DMO needs to approve all fundraising activity by Abu Dhabi government-related entities, under rules introduced to prevent excessive borrowing by state companies.

Taqa, which is 74 per cent owned by the Abu Dhabi government and which reports its second-quarter earnings on Thursday, declined to comment. – Reuters