United Arab Emirates: A consortium consisting of ACWA Power and MDC Power Holding Company LLC, an entity fully owned by Mubadala Investment Company PJSC (Mubadala) along with the Federal Electricity & Water Authority (FEWA) has achieved the financial closure for the 150 MIGD Umm Al Quwain Independent Water Project (IWP) in the United Arab Emirates.

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 mandated lead entities including Korea Development Bank, MUFG Bank, Siemens Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, First Abu Dhabi Bank and the Saudi American Bank 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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