Shuweihat 3 financial close in May
The $1.38 billion project financing of the 1,600MW Shuweihat 3 independent power project in Abu Dhabi, sponsored by Sumitomo, Kepco and ADWEA, will now reach financial close the week beginning 16 May, though the project’s power purchase agreement reached commercial close on 28 April.
JBIC and KEXIM will each provide $400 million, together equivalent to 70% of the project’s debt requirement. The agency debt mostly consists of 20-year fully amortising facilities with a small amount in standby facilities that are not funded upfront.
The commercial banks – BNP Paribas, Mizuho, HSBC, NBAD, BTMU, SMBC and Samba – are providing $350 million of 20-year debt. The commercial bank debt is priced tightly, starting at 175bp rising to 200bp.
The debt-equity ratio is at a maximum of 80% with the financial model benefiting from early generation revenues. The Sumitomo/Kepco consortium bid a tariff of Dh0.12865 per...
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