Al Dur desalination financing tied up

Gulf Investment Corporation (GIC) and GDF Suez announced on 26 July 2009 completion of the limited recourse financing of the US$ 2.1 billion Al-Dur Independent Water & Power Producer (IWPP) project , which includes a 218,000 m³/d seawater reverse-osmosis desalination plant as well as a 1,240 MW combined-cycle gas-turbine power plant.

Five institutions have entered as new shareholders in the project: The Social Insurance Organization of Bahrain, Instrata Fund, Capital Management House, Bahrain Islamic Bank and First Energy Bank. They join GDF Suez and GIC in the project, with GDF Suez remaining the largest shareholder with a 45% stake.

Degremont, a subsidiary of Suez Environnement, is already at work on the desalination plant. The project's first phase is due for completion in 2010.

Guy Richelle, CEO of GDF Suez Energy Middle East-Asia & Africa commented: "The success of this major finance agreement, the first to be finalized in the Gulf this year, is strong evidence of the confidence of the banking community in the strength of the consortium and the economic development of Bahrain."

Tags

| Africa | Gulf | IWPP


Click a keyword to see more stories on that topic, view related news, or find more related items.

© Faversham House Group Ltd 2009. Water. desalination + reuse news articles may be copied or forwarded for individual use only. No other reproduction or distribution is permitted without prior written consent.