Abu Dhabi TAQA’s subsidiary MIPCO secures $1.09bn refinancing for Mirfa IWPP

By Arya M Nair, Intern Reporter
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Mirfa
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The Mirfa International Power & Water Company (MIPCO), the project company that owns and operates the Mirfa Power & Water Plant (Mirfa IWPP) and is a subsidiary of Abu Dhabi National Energy Company (TAQA), has secured refinancing of $1.09 billion.

The syndicate of mandated lead arrangers comprised Abu Dhabi Commercial Bank (ADCB), Bank of China (Dubai) Branch, First Abu Dhabi Bank (FAB), KfW IPEX-Bank GMBH, The Norinchukin Bank, Saudi National Bank, Shinsei Bank, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust Bank.

The proceeds from the new long-term senior secured loan were utilized to refinance the company’s existing debt facilities, which were established in 2014 as part of a soft-mini perm structure, an increasingly popular financing model within the region’s utility sector.

Farid Al Awlaqi
Farid Al Awlaqi
Executive Director of Generation,
TAQA

“TAQA Group is committed to securing competitive finance for our assets to maximize returns for our shareholders and business partners. The refinancing of more than $1 billion of MIPCO’s debt facilities showcases the hard work of many of our stakeholders and the appetite for funding major utility projects in Abu Dhabi, at which TAQA is at the helm.”

Mr. Frédéric Halkin, Executive Managing Director, MIPCO, said that “The MIPCO Power and Water Plant in Mirfa is a key part of the UAE’s utilities infrastructure, supplying thousands of households with power and water every day. This financial milestone showcases not only the critical role of these assets in meeting the growing demand for power and water, but also how these best-in-class projects continue to attract commercially competitive financing.”

Mirfa International Power and Water plant is a combined-cycle gas turbine power plant along with a modular reverse osmosis plant and three multi-stage flash desalination units. It has a gross installed power capacity of 1.7 gigawatts (GW) and 53 million imperial gallons per day (MIGD) gross water desalination capacity. It is 60 percent owned by TAQA, with ENGIE and Sojitz owning a 20 percent stake each.

Related: Abu Dhabi’s ADQ enters into deal to monetize minority stake in TAQA


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