UNB acts as a Mandated Lead Arranger and Onshore Security Agent for the landmark USD 2.3 Billion project finance facility to develop the Hassyan 2,400MW Clean Coal Power Project in Dubai.
The Project sponsors are DEWA (51%) and a consortium comprising of ACWA Power – KSA, Harbin Electric International Company and Silk Road Fund – China (49%). The subject facility has been underwritten and financed by Union National Bank along with nine other UAE and International Lenders
Hassyan Clean Coal Power Project is an anchor project of Dubai’s Integrated Energy Strategy 2030 for ensuring secured energy supply at affordable cost and reducing dependence on natural gas by diversifying the fuel mix in power generation.
Hassyan is the first coal-based power plant in the Gulf region, and is an ultra-supercritical plant designed to deliver best-in-class performance on efficiency and output as well as adherence to highest levels of environmental best practices globally.
Commenting on the transaction, Mr. 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.”
As one of the UAE’s leading banks, UNB continuously aims to support the UAE national economy through extending finance to strategic governmental projects” added Mr. Bhuptani.
The transaction has been chosen for the prestigious “Middle East and Africa Power Deal of the Year 2016” award by IJ Global –Project Finance & Infrastructure Journal