Middle East Economic Survey
VOL. XLVII
No 51/52
20/27-December-2004
ENERGY FINANCE
Financing Details For Al-Azzal, Bahrains First IPP
The financing for al-Azzal, Bahrains first independent power project (IPP), comprises a $380mn non-recourse loan with a 20-year tenor (which includes a cash sweep at year 12) and a $120mn equity bridge loan with a three-and-a-half year tenor. The deal, which carries the longest tenor seen on a Bahrain loan, was initially underwritten by HSBC and Societe Generale,...
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