• 29 Jul 2013
  • Middle East

Ruwais Power Company Power and Desalination Plant Issues USD 825 Million Bond

July 29, 2013, Abu Dhabi, United Arab Emirates – TAQA, the global energy company from Abu Dhabi, has announced that the Ruwais Power Company power and desalination plant (Shuweihat 2) has completed an issuance of USD 825 million in project bonds.The plant, which is 54% owned by TAQA, issued the bonds at a coupon of 6% with a final maturity in August 2036 and an average life of 21.5 years.Stephen Kersley, Chief Financial Officer at TAQA, said: “We are pleased to have reached a successful execution of the Shuweihat 2 bond transaction in the face of a difficult market environment. Strong support from our key investors allowed us to build a substantial order book and achieve an attractive coupon of 6 per cent. This transaction not only increases the returns to TAQA for this project, but is also the first step in building an active and liquid project bond market in the region.”Shuweihat 2 is a combined cycle co-generation facility located on the coast at Jebel Dhana, 250 km southwest of Abu Dhabi City. It is capable of producing approximately 1,500 MW of electricity and 100 MIGD of desalinated water. The entire production of 1,500 MW of power and 100 MIGD of water is purchased by the Abu Dhabi Water and
Electricity Company (ADWEC).The power and desalination plant is owned by Ruwais Power Company, a joint venture between TAQA (54%), Abu Dhabi Water & Electric Authority (ADWEA) ( 6%), International Power – GDF Suez (20%), Marubeni (10%) and Osaka Gas (10%). IP-GDF Suez, Marubeni and Osaka Gas operate the plant.- ENDS –Contact Information:Abu Dhabi
Taryam Al Subaihi
Head of External Communications
Tel +971 2 691 4803
Mob + 97156 219 5195Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqa.comAbout TAQAEstablished in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA’s power businesses are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA’s oil and gas business includes exploration, development and production, underground gas storage and midstream infrastructure.Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi Economic Vision 2030, working towards sustainable economic development. For more information about TAQA visit: www.taqa.com or Twitter: @TAQAGLOBAL

Subscribe to Taqa Global.