The $800 million project is funded on a debt to equity ratio of up to 85/15. A syndicate of seven international and local lenders will provide the $680 million senior debt.

The Water Purchase Agreement with off-taker, FEWA, is signed for a 35-year term, and the plant is expected to be commercially operational by July 2022.

According to a company statement, the mandated lead entities including Korea Development Bank, MUFG Bank, Siemens Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, First Abu Dhabi Bank and Samba Financial Group helped structure the first IWP non-recourse project finance debt for FEWA on a 24.5-year door-to-door tenor.

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