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UAE’s TAQA secures $1.09B financing for subsidiary

UAE’s TAQA secures $1.09B financing for subsidiary

ArabFinance: Abu Dhabi National Energy Company (TAQA) announced that its subsidiary the Mirfa International Power & Water Company (MIPCO) secured refinancing of $1.09 billion, the Emirates News Agency (WAM) reported on September 21st.

The financing is slated for maturity in September 2042.

The long-term financing saw the participation of nine international and regional lenders.

Among the lead arrangers of the loan were Abu Dhabi Commercial Bank, Bank of China, First Abu Dhabi Bank, KfW IPEX-Bank, The Norinchukin Bank, Saudi National Bank, Shinsei Bank, Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Trust Bank.

The loan will be used to refinance MIPCO’s existing debt facilities.

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