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."