Reuters reported that Green energy firm Masdar got USD 615 million of banks financing for the world's largest concentrated solar power plant and USD 153 million equity from its Spanish and French partners.

Bankers involved in the transaction said that eight foreign banks and two local banks underwrote the 22 year deal that was signed last week. France's Total, Spain's Abengoa and Abu Dhabi based Masdar plan to build USD 600 million plant, named Shams 1, which will have 100 MW capacity and would qualify for carbon credits under the United Nation's Clean Development Mechanism.

One banker said that there was high interest from several banks with big tickets due to the project's attractiveness. The project is structured as a typical independent power project and with a power purchase agreement with Abu Dhabi Water & Electricity in place.

Bankers said that National Bank of Abu Dhabi underwrote USD 68 million and Union National Bank USD 41 million of the financing. The financing was oversubscribed and pricing was competitive.

Japan's Bank of Tokyo Mitsubishi and Sumitomo, France's Natixis and Societe Generale and Germany's KfW and West LB have each underwritten USD 68 million. Other banks in the deal are BNP Paribas and Mizuho BNP Paribas acted as financial advisor.

(Sourced from Reuters)