Aluminium Bahrain (Alba), the Bahrain-based aluminium smelter, said it was the recipient of ‘TXF Middle-Eastern ECA Finance Deal of 2017’ at the TXF Prague Conference which was held earlier this month in Czech Republic.

Categorised as one of the perfect 10 TXF ECA finance deals of the year, the award recognised Alba’s efforts to raise around $700 million for Euler Hermes and SERV-covered facilities in July 2017 to finance the construction of 1.8 GW combined-cycle power plant and the power distribution system for its landmark Line 6 Expansion project, said a statement from the company.

Shaikh Daij Bin Salman Bin Daij Al Khalifa, chairman of Alba’s board of directors, said: “To be recognised as a winner in the Perfect 10 TXF ECA finance deals of the year, for securing first tranche of ECA-covered facilities, is a another accomplishment for us.”

“I would like to extend our thanks to the participating banks which have partnered with us in this transaction, we all have emerged winners thanks to their trust in our Line 6 Expansion Project,” he added.

The mandated lead arrangers on this deal consist of Crédit Agricole Corporate and Investment Bank, Citibank NA, Commerzbank AG, JP Morgan Chase Bank NA and Standard Chartered Bank (HK) Ltd. Commerzbank AG acted as the facility agent for both SERV and Euler Hermes covered facilities, it said.

The facilities are made-up of a dual tranche of $310.4 million and €314.3 million SERV Guaranteed Export Credit and €50 million Euler Hermes Guaranteed Export Credit.
 
The SERV-backed facility will fund the Company’s Power Station 5 (PS 5) wherein General Electric (GE), being the EPC contractor, will provide three 9HA gas turbines, three steam turbines and three Heat Recovery Steam Generators (HRSGs).

This facility will have a 15-year tenor and the principal amount will be repaid over 12-year period.

The Hermes-backed facility will finance the power distribution systems (PDS) where Siemens will construct and commission high voltage electrical network and provide gas insulated switchgear (GIS) up to 220kV.

This facility will have a 14-year tenor and the principal amount will be repaid over 12-year period, it stated. – TradeArabia News Service