On 26 April, global low-carbon energy company ENGIE was announced as a winner at the Global MENA Awards 2022 in the ‘Deal of the Year : Refinance – Power & Water – MENA’ category. This recognition is due to its successful refinancing deal of the Mirfa International Power and Water Plant (IWPP) project in Abu Dhabi, which was completed in August 2022. ENGIE secured AED 4.0 billion (USD 1.09 billion) in project financing, which enabled the company to continue delivering sustainable and reliable energy solutions across the UAE.
The proceeds from the new long-term senior secured loan were utilized to refinance the power and water company’s existing debt facilities, which were originally formed in 2014 as part of a soft-mini perm structure, an increasingly popular financing model within the region’s utility sector. Not only does this demonstrate ENGIE’s track record in structuring large and complex financing transactions to provide greater security for shareholders, but also the Group’s commitment to meeting the growing demand for electricity and water in the region while reconciling economic performance with a positive impact on people and the planet.
The IJ Global MENA Awards celebrate excellence in the energy and infrastructure finance sector, and being a winner in this category reflects ENGIE’s commitment to providing innovative solutions that support the transition towards a more sustainable energy future.