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M Power Holding Limited signed a 25 year Power and Water Purchase Agreement (“PWPA”) with ADWEA on 2 July 2014 in addition to other supporting Project Agreements. These agreements were novated to MIPCO following the project reaching financial close on 2 October 2014. In addition, MIPCO has entered into operational and financial agreements which provide the overall structure to allow the financing of the Mirfa Independent Water and Power Project (“IWPP”), equipment for the construction of the IWPP, construction of the IWPP, the land on which the IWPP is situated and the operation and maintenance of the IWPP over the term of the PWPA. The Mirfa IWPP is a combination of a brownfield and greenfield development delivering a power generating and seawater desalination plant with a net power capacity of 1600 megawatts (MW) and a net water capacity of 52.5 million imperial gallons of water per day (MIGD), both of which feature as the contracted capacity under the PWPA.
