Al Dur Power & Water Company, one of Bahrain's largest power generation and water desalination firms, has announced the successful closure of a $1.2 billion refinancing facility, according to an ENGIE press release. This facility is provided by a syndicate of 17 local, regional, and international banks.
The refinancing arrangement spans up to 11 years, incorporating a $643 million conventional facility and a $557 million Islamic facility from commercial lenders active in the European and Middle Eastern project finance markets. .
The group of lenders and hedge providers includes major financial institutions such as 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 ENGIE, Gulf Investment Corporation (GIC), Kyushu Electric Power Company (Kyuden), and the Social Insurance Organisation (SIO).
The Al Dur IWPP has a capacity of 1,234MW of power and 48 million imperial gallons of water per day. The company operates under a 25-year power and water purchase agreement with the Electricity and Water Authority (EWA). Commercial operations began in early 2012.
