About Us Financing
      
     

Total Project Costs are estimated at US$1,587.2 million. The Project Company Shareholders will provide at PCOD an aggregate amount of not less than 20% of the Project Costs projected in the Base Case Financial Model as an equity contribution to Project funding. Prior to PCOD, this Project equity is being funded with an Equity Bridge Facility.

Sixty percent (60%) of the Project’s equity will be held by Shuweihat Power Company, a public joint stock company organised under the laws of the United Arab Emirates and wholly, indirectly owned by ADWEA, an entity of the Government of Abu Dhabi.

Forty percent (40%) of the Project’s equity will be held by Shuweihat Limited Partnership, a limited partnership established in the Cayman Islands and in which CMS Generation and International Power each own 50% of the equity through wholly-owned subsidiaries. CMS Energy and International Power also hold equity in the Company formed in the Cayman Islands for eventual operations and maintenance of the plant.
The Project Costs and anticipated uses of Funding are, as follows:

 
  Item 
US$ Million 

 %

  • Siemens/Fisia EPC Contract
1,227.1
77.7
  • AP Shared Facilities Costs
19.0
1.2
  • Initial Spares Budget
58.2
3.7
  • Construction Management Budget
12.4
0.8
  • Construction Insurance
14.6
0.9
  • Mobilisation Costs
11.9
0.7
  • Other Costs
9.3
0.6
  • Financing Costs
188.0
11.9
  • Development Security Costs
0.8
0.1
  • Reimbursable Development Costs
17.9
1.1
  • Owners’ Contingency
9.9
0.6
  • Fuel Oil Stock
10.7
0.7
  • Total Uses of Funds
1,579.8
100.0

Eighty per cent (80%) of the costs outlined above are being provided by means of a non-recourse, Project Term Facility. As well, a Term Overrun Facility of US$ 50 million is also available to the Project Company to cover any overruns in the Project implementation costs. As indicated, the twenty per cent (20%) equity contributions of the respective shareholders is being funded by the Equity Bridge Facility. There is also a US$ 12.5 million Equity Bridge Overrun Facility available to cover any cost overruns.

The tenor of the Term Facility and associated Cost Overrun Facility is 20 years (2 years 9 months of construction and 17 years and 3 months of commercial operations). The tenors of the Equity Bridge Facilities are approximately 3 years. The Equity Bridge Facilities will be repaid with a bullet repayment from the Sponsors or their affiliates at PCOD.


 
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