The Mirfa plant is 60 per cent owned by Taqa, with Italy’s Engie and Japan’s Sojitz each owning a 20 per cent stake. Victor Besa / The National
The Mirfa plant is 60 per cent owned by Taqa, with Italy’s Engie and Japan’s Sojitz each owning a 20 per cent stake. Victor Besa / The National
The Mirfa plant is 60 per cent owned by Taqa, with Italy’s Engie and Japan’s Sojitz each owning a 20 per cent stake. Victor Besa / The National
The Mirfa plant is 60 per cent owned by Taqa, with Italy’s Engie and Japan’s Sojitz each owning a 20 per cent stake. Victor Besa / The National

Taqa secures $1.09bn in funding to refinance Mirfa Power and Water Plant debt


Sarmad Khan
  • English
  • Arabic

Abu Dhabi National Energy Company, better known as Taqa, secured Dh4bn ($1.09bn) in funding to refinance debt for its Mirfa Power and Water Plant.

Mirfa International Power and Water Company (Mipco), the Abu Dhabi-based project company that owns and operates the plant, secured the financing from a group of nine regional and international lenders, Taqa said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded.

The long-term US dollar-denominated funding facility will mature in September 2042.

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

The proceeds from the new long-term senior secured loan were used to refinance the company’s debt raised in 2014 as part of a soft-mini perm structure — a popular financing model in the region’s utility sector that allows loan maturities to remain long term but encourages the borrower to refinance.

“Taqa Group is committed to securing competitive finance for our assets to maximise returns for our shareholders and business partners,” said Farid Al Awlaqi, executive director of generation at Taqa.

The refinancing of Mipco debt facilities shows the “appetite for funding major utility projects in Abu Dhabi, at which Taqa is at the helm”, he said.

Mirfa International Power and Water Company (Mipco) owns and operates the Mirfa Power and Water Plant. Photo: Mipco
Mirfa International Power and Water Company (Mipco) owns and operates the Mirfa Power and Water Plant. Photo: Mipco

The Mirfa independent water and power project commenced commercial operations in 2017. The combined-cycle gas turbine power plant, reverse osmosis plant and three multi-stage flash desalination units have gross installed power capacity of 1.7 gigawatts and 53 million imperial gallons per day gross water desalination capacity.

It is 60 per cent owned by Taqa, with Italy’s Engie and Japan’s Sojitz each owning a 20 per cent stake.

Taqa, one of the largest listed integrated utility companies in the Europe, Middle East and Africa region, in April announced its 2030 strategy that involves investing $10.9bn in infrastructure development as it seeks to add about 27 gigawatts of power capacity and expand its renewables portfolio.

The company plans to expand its power-generation capacity in the UAE from 18 gigawatts to 30 gigawatts and boost its global generating capacity by 15 gigawatts.

It currently has the Al Dhafra solar photovoltaic (PV) plant under construction that, once completed, will overtake Noor Abu Dhabi — also run by Taqa — to become the world’s largest single site solar PV plant.

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
RESULTS

Bantamweight: Jalal Al Daaja (JOR) beat Hamza Bougamza (MAR)

Catchweight 67kg: Mohamed El Mesbahi (MAR) beat Fouad Mesdari (ALG)

Lightweight: Abdullah Mohammed Ali (UAE) beat Abdelhak Amhidra (MAR)

Catchweight 73kg: Mosatafa Ibrahim Radi (PAL) beat Yazid Chouchane (ALG)

Middleweight: Yousri Belgaroui (TUN) beat Badreddine Diani (MAR)

Catchweight 78KG: Rashed Dawood (UAE) beat Adnan Bushashy (ALG)

Middleweight: Sallah-Eddine Dekhissi (MAR) beat Abdel Enam (EGY)

Catchweight 65kg: Yanis Ghemmouri (ALG) beat Rachid Hazoume (MAR)

Lightweight: Mohammed Yahya (UAE) beat Azouz Anwar (EGY)

Catchweight 79kg: Souhil Tahiri (ALG) beat Omar Hussein (PAL)

Middleweight: Tarek Suleiman (SYR) beat Laid Zerhouni (ALG)

World Cup League Two

Results

Oman beat Nepal by 18 runs

Oman beat United States by six wickets

Nepal beat United States by 35 runs

Oman beat Nepal by eight wickets

 

Fixtures

Tuesday, Oman v United States

Wednesday, Nepal v United States

 

Dubai Women's Tour teams

Agolico BMC
Andy Schleck Cycles-Immo Losch
Aromitalia Basso Bikes Vaiano
Cogeas Mettler Look
Doltcini-Van Eyck Sport
Hitec Products – Birk Sport 
Kazakhstan National Team
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Macogep Tornatech Girondins de Bordeaux
Minsk Cycling Club 
Pannonia Regional Team (Fehérvár)
Team Auvergne-Rhône-Alpes
Team Ciclotel
UAE Women’s Team
Under 23 Kazakhstan Team
Wheel Divas Cycling Team

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

Key facilities
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  • Premier League-standard football pitch
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What sanctions would be reimposed?

Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:

  • An arms embargo
  • A ban on uranium enrichment and reprocessing
  • A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
  • A targeted global asset freeze and travel ban on Iranian individuals and entities
  • Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

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Price: Exact regional pricing TBA

Two-step truce

The UN-brokered ceasefire deal for Hodeidah will be implemented in two stages, with the first to be completed before the New Year begins, according to the Arab Coalition supporting the Yemeni government.

By midnight on December 31, the Houthi rebels will have to withdraw from the ports of Hodeidah, Ras Issa and Al Saqef, coalition officials told The National. 

The second stage will be the complete withdrawal of all pro-government forces and rebels from Hodeidah city, to be completed by midnight on January 7.

The process is to be overseen by a Redeployment Co-ordination Committee (RCC) comprising UN monitors and representatives of the government and the rebels.

The agreement also calls the deployment of UN-supervised neutral forces in the city and the establishment of humanitarian corridors to ensure distribution of aid across the country.

Naga
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Most sought after workplace benefits in the UAE
  • Flexible work arrangements
  • Pension support
  • Mental well-being assistance
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  • Financial well-being incentives 
Tips to stay safe during hot weather
  • Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
  • Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
  • Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
  • Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
  • Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
  • Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
  • Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
The more serious side of specialty coffee

While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.

The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.

Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”

One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.

Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms. 

Thank You for Banking with Us

Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

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UAE currency: the story behind the money in your pockets

Sting & Shaggy

44/876

(Interscope)

The specs: 2018 Renault Megane

Price, base / as tested Dh52,900 / Dh59,200

Engine 1.6L in-line four-cylinder

Transmission Continuously variable transmission

Power 115hp @ 5,500rpm

Torque 156Nm @ 4,000rpm

Fuel economy, combined 6.6L / 100km

ARM%20IPO%20DETAILS
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Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

Updated: September 21, 2022, 6:51 AM`