Thursday 20 June 2024

Al Dur closes $1.2bn refinance facility for Bahrain power project

MANAMA, 24 days ago

Al Dur Power & Water Company, one of the largest power generation and water desalination companies in the Kingdom of Bahrain, today (May 26) announced the successful closure of a $1.2 billion refinancing facility provided by a syndicate of 17 local, regional, and international banks. 
Al Dur Power & Water Company is owned by a consortium comprising French utility major Engie, Kuwait-based Gulf Investment Corporation (GIC), Japanese group Kyushu Electric Power Company (Kyuden) and the Social Insurance Organisation (SIO). 
The lenders and hedge providers, via conventional and Islamic facilities, include 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.
The refinancing facilities extend up to 11 years and include a $643 million conventional facility and a $557 million Islamic facility involving a wide range of commercial lenders active in the European and Middle Eastern project finance markets. 
The new facilities allow the company to refinance its existing project-level debt on terms reflecting the status of the project as an asset with no construction risk and a proven operating history.
The Al Dur IWPP is a flagship power project in Bahrain, accounting for a significant portion of the country's power and water production, with a capacity of 1.23 GW in respect of power and 48 MIGD in respect of water per day.
The company benefits from a 25-year power and water purchase agreement entered into with EWA. Commercial operations started in early 2012 and the plant was officially inaugurated in April 2012 by His Majesty King Hamad bin Isa Al Khalifa and the late Prime Minister HRH Prince Khalifa bin Salman Al Khalifa.-TradeArabia News Service


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