The Dubai Electricity & Water Authority (DEWA) has closed a US$1bn multi Export Credit Agency (ECA) backed financing in support of its on-going and future capital expansion. The financing – which is arranged by Calyon, Citi, Deutsche Bank & HSBC – has a maturity of 13 years and is supported by comprehensive guarantees from three European ECAs – Coface, Hermes and SACE – for contracts awarded to the French, German and Italian suppliers.
DEWA, established in 1992, is the sole supplier of electricity and water to the Emirate of Dubai. Given the critical function carried out by DEWA, it is a key entity in realising Dubai’s ambition of turning itself into a trade, tourism and financial services hub.
This is the first major ECA financing for a sovereign in the UAE and as such carries a high profile. Equally important is the tenor and pricing the multilateral lending agencies (MLAs) are able to achieve especially as no other foreign currency financing through the bank markets in the region/UAE in recent times have gone beyond 10 years.
The financing is also significant as the ECAs approved the financing on DEWA’s own name without the requirement for any sovereign support in the form of an explicit guarantee.
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