The loan facility for the project was signed on 2 July, and initial drawdown occurred on 16 July. The total project cost is $2.1 billion.
The borrower, the Arabian Power Company, whose shareholders include the Abu Dhabi Water and Electricity Authority (ADWEA), International Power, Tokyo Electric Power (Tepco) and Mitsui, will use the financing to acquire an existing 850MWe and 162 million gallons/day power and water desalination plant, and add 1550MWe and 25 million gallons/day of new capacity. Much of the existing capacity will be decommissioned by 2008. Construction of the new facilities will begin immediately.
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