TAQA has announced that the Ruwais Power Company power and desalination plant (Shuweihat 2) has completed an issuance of US$825 million in project bonds.

The power and desalination plant, which is owned by Ruwais Power Company, a joint venture between TAQA (54%), Abu Dhabi Water & Electric Authority (ADWEA) (6%), International Power - GDF Suez (20%), Marubeni (10%) and Osaka Gas (10%).

The SPV issued the bonds at a coupon of 6% with a final maturity in August 2036 and an average life of 21.5 years.

IP-GDF Suez, Marubeni and Osaka Gas operate the plant.

Shuweihat 2 is a combined cycle co-generation facility located on the coast at Jebel Dhana, 250 km southwest of Abu Dhabi City. It is capable of producing approximately 1,500 MW of electricity and 100 MIGD of desalinated water.

The entire production of 1,500 MW of power and 100 MIGD of water is purchased by the Abu Dhabi Water and Electricity Company (ADWEC).

Source: TAQA Global