By Andy Sambridge
Dubai Electricity and Water Authority (DEWA) has closed a US$1billion financing deal in support of its on-going and future capital expansion plans.
The loan, which was arranged by Calyon, Citi, Deutsche Bank and HSBC, has a maturity of 13 years and is supported by guarantees from the European export credit agencies (ECAs) including Coface, Hermes and SACE for contracts awarded to the French, German and Italian suppliers.
DEWA’s CEO, Saeed Mohammed Al Tayer, said: “This is a landmark financing for DEWA which underscores the confidence shown by the international bank market and ECAs in our long-term business strategy and growth prospects.”
This ECA financing follows on from the recent deal $2.2bn three-year syndicated facility for DEWA which closed on April 13.
DEWA, which was established in 1992, is a 100 percent government of Dubai owned entity and is the sole supplier of electricity and water to the emirate.
Source: Arabianbusiness.com
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