PRESSR: Al Dur Power & Water Company closes $1.2bln refinancing

Manama - Al Dur Power & Water Company, the one of the largest power generation and water desalination company in the Kingdom of Bahrain, today announced the successful closure of a USD 1.2 billion refinancing facility provided by a syndicate of 17 local, regional, and international banks. 

The refinancing facilities extend up to 11 years and include a USD 643 million conventional facility and a USD 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 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.

Al Dur Power & Water Company is owned by a consortium comprising of ENGIE, Gulf Investment Corporation (GIC), Kyushu Electric Power Company (Kyuden), and the Social Insurance Organisation (SIO). 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 capacity of 1,234MW 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, may Allah rest his soul in eternal peace.

-Ends-

About ENGIE

ENGIE is a world leader in low-carbon energy services and solutions. In the GCC region, ENGIE is a leading independent power and water desalination investor, developer and operator, with a gross portfolio of 29 GW power and over 1300 MIGD water production, including the Al Dur, Al Ezzel and Al Hidd plants.

GIC is a leading investor in power and water generation assets in the GCC region with a gross portfolio of 8 GW of power and 2.0 MCM of water production, established and wholly owned by the governments of the six GCC states.

Kyuden is one of the largest regional utility companies in Japan supplying power and gas in the Kyushu region. The Kyuden group has an equity ownership of 2,858 MW in overseas electricity generation projects, and aims to achieve equity ownership of 5,000 MW by 2030.

SIO is wholly owned by the Government of Bahrain and is responsible for providing social insurance to individuals in Bahrain.

Press contact for ENGIE:

Phillippa Eastgate

Head of Communications, GCC & Pakistan

AMEA Regional Hub Facilitator

phillippa.eastgate@engie.com

Press contact for Gulf Investment Corporation:

Sager H. Al-Sager Vice President – Financial Services & Utilities DivisionGulf Investment Corporation

Kuwait

 salsager@gic.com.kw

Press contact for Kyushu Electric Power Company:

Takahiro Koga

General Manager - Asset Management Department, Business Development Division,Tokyo Branch Office

Kyuden International Corporation

Takahiro_Koga@kyuden-intl.co.jp

Press contact for Al Dur Power & Water Company:

Hussain Ali Haji-Ali

Chief Financial Officer

Al Dur Power & Water Company B.S.C. (c)

Orchid Business Center, Al Seef District

Manama, Bahrain

hhaji@alezzelpower.com

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.