Abu Dhabi National Energy Company (TAQA) has announced that the Mirfa International Power & Water Company (MIPCO) successfully completed a refinancing of AED 4 billion ($1.09 billion).

The long-term financing, denominated in US dollars, will mature on September 30, 2042, TAQA said in a statement.

The nine international and regional lenders in the refinancing include Abu Dhabi Commercial Bank PJSC, Bank of China (Dubai) Branch, First Abu Dhabi Bank PJSC, 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 Abu Dhabi-based power and water 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.

“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 US$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,” noted Farid Al Awlaqi, executive director of generation at TAQA Group.

The 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% owned by TAQA, with ENGIE and Sojitz owning a 20% stake each.

MIPCO was advised on its refinancing by Allen & Overy LLP, a renowned international law firm, while the group of lead arrangers was supported by Linklaters, a global law firm, and WSP, one of the world’s leading engineering consulting firms.

TAQA is one of the largest listed integrated utility companies in Europe, the Middle East and Africa.

Also read: ADNOC, TAQA to Buy Stakes in Masdar

Also read: GCC Likely to Make $1.3 Trillion in Oil Revenue by 2026, Says IMF