MCB was led by senior relationship manager NK Naginlal Modi while the Absa team was led by senior banker for resource and project finance Colin King. The project will be developed by project company Enersok, in which EDF and Nebras hold 33% each, with Sojitz and Kyuden International sharing the other 33%. The hard mini-perm project finance tenor is 6-1/2 years, with ADNOC standing behind the refinancing risk, and pricing is said to be around 125bp. Together with Masdar, Abu Dhabi’s green development arm, it is an active player in the project finance market. Bank finance was provided by Alinma Bank, Riyad Bank, HSBC Saudi Arabia and Saudi Fransi.

Source: The North Africa Journal December 19, 2023 19:03 UTC