| Kippreport.com

Abu Dhabi secures $2.15bn for water and power projects

October 19, 2009 3:34 by kippreport

Abu Dhabi has signed a $2.15 billion financing deal with a consortium of banks for its Shuweihat 2 water and power project, reports Reuters. The deal between the Abu Dhabi Water & Electricity Authority (Adwea) and the banks is said to be the biggest financing deal in the region this year.

“Whilst major economies were going through a troubled financial climate, ADWEA succeeded in achieving the largest long-term financing contract in the region extending to 22 years with several Asian, European regional and local financial institutions,” Sheikh Diab Bin Zayed Al Nahyan, chairman of Adwea said in a statement to Reuters.

Shuweihat 2 is estimated to cost around $2.72 billion.

Tags: Abu Dhabi, banks, financing, water and power project