 |
| |
ENGIE Wins MENA Award for Successfully Refinancing Deal in Abu Dhabi | |
| Radhika Laghate |
The refinancing deal secured AED 4.0 billion, will deliver sustainable and reliable energy solutions across the UAE.
 |
ENGIE, a global low-carbon energy company, has won the 'Deal of the Year: Refinance, Power & Water, MENA' category at the Global MENA Awards 2022 for its successful refinancing deal of the Mirfa International Power and Water Plant project in Abu Dhabi. The refinancing deal secured AED 4.0 billion, which enabled ENGIE to continue delivering sustainable and reliable energy solutions across the UAE. The proceeds from the new long-term senior secured loan were used to refinance the power and water company's existing debt facilities, which were originally formed in 2014 as part of a soft-mini perm structure. This achievement demonstrates ENGIE's capability to structure large and complex financing transactions while providing greater security for shareholders.
The Mirfa International Power and Water Plant project is part of ENGIE's commitment to meeting the growing demand for electricity and water in the region while reconciling economic performance with a positive impact on people and the planet. The project is a combined-cycle gas turbine power and seawater desalination plant with a capacity of 1.6 GW and 52.5 MIGD, respectively. It provides electricity to over 600,000 households in the UAE and desalinated water to over 350,000 households.
ENGIE's dedication to sustainable solutions
The IJ Global MENA Awards recognise excellence in the energy and infrastructure finance sectors. Winning this award reflects ENGIE's dedication to providing innovative solutions that support the transition towards a more sustainable energy future. With this award, ENGIE demonstrates its track record in structuring complex financing transactions that provide greater security for shareholders.
ENGIE has a strong presence in the MENA region, with 30 years of experience in the energy sector. The company is committed to supporting the transition to a low-carbon energy future and has set a target to reduce its CO2 emissions by 50% by 2030. ENGIE's sustainable energy solutions include renewable energy, energy efficiency, and gas infrastructure, among others. The company is a leading player in the energy transition, with a presence in 70 countries and a portfolio of over 100 GW of installed capacity.
ENGIE's successful refinancing of the Mirfa International Power and Water Plant project marks a significant milestone in its commitment to providing sustainable energy solutions in the MENA region. The company is also committed to meeting the growing demand for electricity and water while reducing its carbon footprint.