Clean coal project gets $2.3 billion backing from 10 banks
Hassyan Energy has secured a $2.3 billion project finance facility from 10 banks for its clean coal project in Dubai.
Abu Dhabi’s UNB acted as Mandated Lead Arranger and Onshore Security Agent for the landmark $2.3 billion project finance facility to develop the Hassyan 2,400MW Clean Coal Power Project in Dubai.
The other banks, made up of UAE and international lenders, have not been named.
DEWA is sponsoring 51 per cent of the project; a consortium comprising of ACWA Power – KSA, Harbin Electric International Company and Silk Road Fund - China is sponsoring the remaining 49 per cent.
Hassyan Clean Coal Power Project is an anchor project of Dubai’s Integrated Energy Strategy 2030 for ensuring secured energy supply at an affordable cost and reducing dependence on natural gas.
Ajay Dilip Bhuptani, Deputy Chief Executive Officer at UNB said, “By taking a senior role in this high profile transaction, UNB has further strengthened its relationship with DEWA and ACWA Power and the Chinese Sponsors and reaffirmed its capability of leading and arranging similar mandates.”