$900mn secured for Abu Dhabi water plant

WATER PLANT: $900 million financing has been secured for a new desalination plant in Abu Dhabi. (Getty Images)

GDF Suez has announced it has secured $900 million financing for the Shuweihat 2 power generation and water desalination project, in partnership with the Abu Dhabi Water and Electricity Authority (ADWEA).

The French energy group said lenders to the deal included Bayern LB, Calyon, KfW, Natixis, National Bank of Abu Dhabi and Standard Chartered.

Completion and start-up of the plan, which will deliver 1,500 MW of electricity generated from natural gas, and 454,610 cubic metres per day of water, is scheduled for 2011, the company said.

GDF Suez owns a 40 percent stake in Shuweihat 2, with its partner ADWEA owning the remainder. (Reuters)

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