Shuaa Energy 2 PSC

800MW Shuaa Energy 2 - Rashid Al Maktoum Solar Park - Refinancing

Borrower (s)
Shuaa Energy 2 PSC
Industry
Renewables/PV solar
Area of finance
Project & Infrastructure Finance
Region
Middle East
Countries
United Arab Emirates

Deal Overview

The refinancing for the 800MW Shuaa Energy 2 (also known as DEWA 3) solar plant – which is 60% owned by DEWA and by private sector sponsors Masdar (24%) and EDF Energies Nouvelles (16%) – in Dubai has closed.The project, the third phase of the 5GW Rashid Al Maktoum solar park, started...

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The refinancing for the 800MW Shuaa Energy 2 (also known as DEWA 3) solar plant – which is 60% owned by DEWA and by private sector sponsors Masdar (24%) and EDF Energies Nouvelles (16%) – in Dubai has closed.

The project, the third phase of the 5GW Rashid Al Maktoum solar park, started operations at the end of 2020 and was originally project financed in mid-2017 with a $650 million eight-year (total life 26 years) soft miniperm split between a $374 million commercial tranche, and direct loans from KDB, EDC and an Islamic tranche from Islamic Development Bank. Lenders on the commercial tranche were Union National Bank, Apicorp, Natixis and Siemens Financial Services. Pricing on the original deal was 175bp over Libor.

The refinancing comprises a new $690 million soft miniperm split between a $550 million commercial tranche and a $140 million Islamic tranche. The debt is being provided by Abu Dhabi Commercial Bank, FAB, Apicorp, KDB, Natixis, Norinchukin, Saudi National Bank and Societe Generale. Synergy Consulting advised on the refinancing

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Deal Volume
$690m
Financial Close
05 July 2022
Sources
Proximo article, Submitted by participant(s)

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Projects

Mohammed bin Rashid Al Maktoum Solar Park Phase 3 (Shuaa 2-Dewa 3)

Greenfield
PV solar
Middle East
United Arab Emirates
$13.6bn