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Shuweihat 3: Back below 200bp
14 June 2011
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[shuweihat]
[kepco]
[adwea]
[sumitomo]
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Shuweihat Asia Power Company (SAPCO) – a special purpose company established by the Abu Dhabi Water and Electricity Authority (ADWEA, 60%), Kepco and Sumitomo (40% split 49/51 respectively) – reached financial close on 19 May on the Shuweihat 3 independent power project in the United Arab Emirates. The deal benefits from a 25-year offtake contract with ADWEA, following the precedent of the earlier Shuweihat 2 financing.
The 1,600MW project is the first that grantor ADWEA has procured without a water component. It is also the first time Kexim has participated in a power financing in the emirate, despite the long-time dominance of Korean engineering, procurement and construction (EPC) contractors in the Middle East. The EPC consortium is made of Siemens and Daewoo E&C. A long-term service agreement is also in place between the project company and Siemens for the maintenance of the gas turbines. However, the most significant aspect of...
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