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Crédit Agricole CIB supports GDF Suez in its development in the Middle East
In June, Crédit Agricole CIB acted as global documentation and coordination bank as well as initial mandated lead arranger for the financing of the 1730MW PP11 (Riyadh) IPP in Saudi Arabia. This project is being undertaken by a consortium of GDF Suez, Al Jomaih and Sojitz. The closing of this project has been achieved just over three months after the consortium was finally declared preferred bidder.
The original support for the bid was provided in December by four international banks, Crédit Agricole CIB, Standard Chartered, KfW and EDC, and three Saudi banks, BSF (Banque Saudi Fransi), Alinma and Samba.
The USD 1.56 billion debt package was raised through:
- an International term facility of USD 530 million (20-year door-to-door tenor),
- an IstisnaA contract of acquisition of goods by specification or order where
the price is paid progressively in accordance with the progress of a job.
Ijara A leasing agreement whereby the bank buys an item for a customer and then leases it back over a specific period
facility of USD 382 million (20-year door-to-door tenor), - a Wakala Ijara facility of USD 263 million (20-year door-to-door tenor),
- a US-EXIM direct loan of USD 378 million (16-year door-to-door tenor).
Société Générale, Intesa, CIC and National Commercial Bank joined post-bid as mandated lead arrangers to leave the transaction slightly oversubscribed. It should also be noted that BSF also acted as Istisna documentation bank.
This successful closing of PP11 reinforces the strong relationship between GDF Suez and Crédit Agricole CIB with whom the Bank has recently closed Shuweihat 2 in Abu Dhabi, Al Dur in Bahrain and is currently working to close the Barka III/ Sohar II projects in Oman.