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Thursday, 26 November 2009 00:30 UAE time

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DEWA secures $1bn loan for expansion

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Thursday, 28 May 2009
FINANCE DEAL: DEWA has secured financing of $1bn in support of its expansion plans. (Getty Images)
FINANCE DEAL: DEWA has secured financing of $1bn in support of its expansion plans. (Getty Images)

Dubai Electricity and Water Authority (DEWA) has closed a $1bn financing deal in support of its on-going and future capital expansion plans.

The loan, which was arranged by Calyon, Citi, Deutsche Bank and HSBC, has a maturity of 13 years and is supported by guarantees from the European export credit agencies (ECAs) including Coface, Hermes and SACE for contracts awarded to the French, German and Italian suppliers.

DEWA's CEO, Saeed al Tayer, said: "This is a landmark financing for DEWA which underscores the confidence shown by the international bank market and ECAs in our long-term business strategy and growth prospects."


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This ECA financing follows on from the recent deal $2.2bn three-year syndicated facility for DEWA which closed on April 13.

DEWA, which was established in 1992, is a 100 percent government of Dubai owned entity and is the sole supplier of electricity and water to the emirate.

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