French energy group GDF Suez was reported by Reuters on 28 July 2011 to be planning to sell its 30% stake in Bahrain’s Al Hidd power and desalination plant and has mandated HSBC as an adviser.
The stake held by GDF is valued at US$ 200 million, the report says.
Japan’s Sumitomo Corp holds a 30% stake in the plant while the UK’s International Power , which was taken over by GDF Suez early this year, holds the remaining 40% part of the joint venture. IP’s stake is not being considered for sale, the report said.
Sumitomo also has the right to acquire the stake before any other party and is likely to be a buyer from GDF, Reuters‘ source said.