Al Dur Power & Water Company, one of Bahrain’s largest power generation and water desalination companies, has announced the successful closing of a $1.2 billion refinancing facility, according to a press release from ENGIE. This line has been provided by a syndicate of 17 local, regional and international banks.
The refinancing agreement spans up to 11 years and incorporates a $643 million conventional facility and a $557 million Islamic facility from commercial lenders active in the European and Middle Eastern project finance markets.
The group of lenders and coverage providers includes major financial institutions such as Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait, Ahli United Bank, Arab Bank, Bank ABC, ABC Islamic Bank, Arab Petroleum Investments Corporation (APICORP), Al Salam Bank, Banque Saudi Fransi, Boubyan Bank, Gulf International Bank, Kuwait Finance House (Bahrain), Mashreqbank, National Bank of Kuwait – Bahrain Branch, Société Générale, Standard Chartered Bank and Warba Bank.
Al Dur Power & Water Company is owned by a consortium consisting of ENGIE, Gulf Investment Corporation (GIC), Kyushu Electric Power Company (Kyuden) and the Social Security Organization (SIO).
The Al Dur IWPP has a capacity of 1,234 MW of power and 48 million imperial gallons of water per day. The company operates under a 25-year power and water purchase agreement with the Electricity and Water Authority (EWA). Commercial operations began in early 2012.
Read the original news in Smart Water Magazine.
