Gulf Investment Corporation (GIC)Gulf Investment Corporation (GIC)

The Ministry of FinanceMinistry of Finance awarded the IWPP to GDF SUEZ and GICGIC consortium following an international competitive tendering process. The project is the third IWPP being developed in the Kingdom of Bahrain.

The project will deliver electricity and water to the Electricity and Water Authority (EWA)Electricity and Water Authority (EWA) under a twenty-year Power and Water Purchase Agreement (PWPA) commencing on 1 June 2011. The first phase of the project will start in the summer of 2010, with full capacity being achieved in summer 2011. The project consists of a Combined Cycle Gas Turbine power plant and a Reverse Osmosis (RO) technology desalination plant together with all support facilities such as seawater intake and discharge structures and gas connection facilities. The complex will have a capacity of 1,234 MW of power and 218,200 cubic meters per day (48 million imperial gallons per day) of water.

GDF SUEZ and GICGIC selected Hyundai Heavy Industries (HHI)Hyundai Heavy Industries (HHI) as the EPC contractor of the project. General Electric will supply the power plant turbines and Degremont will supply and install the RO desalination facility.

The project is expected to cost over USD2.0 billion, which will be funded by a mix of equity capital and project finance through a consortium of regional and international banks.

"The fact that GDF Suez is involved in each of the three I(W)PP projects in Bahrain demonstrates the company's commitment to investing in the Kingdom of Bahrain. The Middle-East needs to build substantial additional power and water capacity and we have proven to be a reliable and competent partner to do so", said Dirk Beeuwsaert, GDF SUEZ Energy International's Chief Executive Officer.

Mr Hisham Al-Razzuqi, CEO of GICGIC stated: "GICGIC is a co-developer of five power and water projects in the GCC with a total asset base of approximately USD 9 billion." Mr Al-Razzuqi further added: "Wining Al Dur IWPP project reinforces GICGIC role in supporting private sector participation in the development of the GCC economies".

-Ends-

GDF SUEZ
One of the leading energy providers in the world, GDF SUEZ is active across the entire energy value chain, in electricity and natural gas, upstream to downstream. It develops its businesses (energy, energy services and environment) around a responsible-growth model to take up the great challenges: responding to energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources. GDF SUEZ relies on diversified supply sources as well as flexible and high-performance power generation in order to provide innovative energy solutions to individuals, cities and businesses. The Group employs 196,500 people worldwide and achieved revenues of €74,3 billion in 2007. GDF SUEZ is listed on the Brussels, Luxembourg and Paris stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Stoxx 50, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe and ASPI Eurozone.

Gulf Investment Corporation
GICGIC was established in 1983 and is equally owned by the six member states of the Gulf Cooperation Council. GICGIC provides a range of financial services that support the development of private enterprise and economic growth in the region. As at end 2007, GICGIC had total assets exceeding USD9.1 billion and shareholders' equity of about USD2.0 billion.

GICGIC has extensive experience in, and commitment to, the power and water sector in the Region. GICGIC has been involved in the power and water sectors in the GCC from inception. GICGIC is a co-developer five projects in the GCC (including Al Dur IWPP) with a total assets base of approximately USD 9 billion. GICGIC is involved in the following:

• Founder and major shareholder (45%) in Al-Ezzel Power CompanyAl-Ezzel Power Company, the first IPP in the Kingdom of Bahrain with 950MW capacity and circa USD 500 million of total cost; and
• Founder and a major shareholder (20%) in Jubail Water & Power Co, the largest water and power plant in the world with 2,750 MW and 176 MIGD capacity and USD 3.4 billion of total cost;
• Founder and a major shareholder (20%) in Shuqaiq Water & Power Co, the second WECWEC IWPP with 850 MW and 48 MIGD capacity and USD 1.9 billion of total cost;
• Investor and board member in the Ras Laffan Power CompanyRas Laffan Power Company, the first IWPP project in Qatar with 750 MW and 40 MIGD of capacity and USD 700 million of total cost.

For more information about Gulf Investment Corporation, visit: www.gic.com.kw

© Press Release 2008

 

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