Abu Dhabi – Mubasher: Abu Dhabi National Energy (TAQA) is in negotiations with local banks to obtain credit facilities valued at $1.3 billion, sources told Reuters.

The state-owned TAQA seeks to obtain loans for refinance a maturing debt after the Abu Dhabi government disapproved a bond sale that was planned for in October, sources added.

TAQA planned to issue an international bond to refinance $500 million bonds that were due in October.