Mirfa International Power & Water Company (MIPCO), a subsidiary of Abu Dhabi National Energy Co., also known as TAQA, has secured a AED 4 billion ($1.09 billion) financing.

The long-term US dollar-denominated financing is set to mature on September 30, 2024, the energy company said on Wednesday in a regulatory filing on the Abu Dhabi Stock Exchange where its shares trade.

Abu Dhabi Commercial Bank, Bank of China (Dubai) Branch, First Abu Dhabi Bank. KfW IPEX-Bank GMBH, The Norinchukin Bank, Saudi National Bank, Shinsei Bank, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust Bank were the lead arrangers of the financing.  

The proceeds from the new long-term senior secured loan were utilized to refinance the Abu Dhabi-based power and water company’s existing debt facilities, which were structured in 2014 as part of a soft-mini perm structure, a financing model popular with the utility sector.

MIPCO is a combined-cycle gas turbine power plant with gross installed power capacity of 1.7 gigawatts (GW) and 53 million imperial gallons per day (MIGD) gross water desalination capacity.

It is 60% owned by TAQA, with ENGIE and Sojitz owning a 20% stake each.

TAQA, owned by Abu Dhabi state-owned holding company ADQ, has a portfolio of energy assets in the United Kingdom's North Sea, the Netherlands, Canada and Iraqi Kurdistan.