Dec 26 2005 |
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Mubadala to Invest into $900 Million Power Plant Project in Algeria
Beirut (APD) - Abu Dhabi-based Mubadala Development Company entered into an agreement with Canadian engineering and construction group SNC-Lavalin for jointly participating in a $900 million power plant project in Algeria.The two partners would invest equal amounts into financing of a 51% stake in the project company to build, own and operate a 1,200 megawatts power generation plant at Hadjret Ennous in western Algeria, online reports quoted Mubadala as saying on Monday.
It is expected that the Algerian Energy Company (AEC) would hold the remaining 49% stake in the project, for which SNC-Lavalin was declared the winning bidder on December 17, according to a press release.
Montreal-based SNC-Lavalin is a leading Canadian construction group with projects in about 100 countries. The company's recent activities in the Middle East include a $17 million consulting contract with the Gulf Cooperation Council Interconnection Authority (GCCIA) on the GCCIA power interconnection project. SNC-Lavalin also is competing for winning a part in Saudi Arabia's key railway project for linking Riyadh and Jeddah.
By Nadim Issa, APD Staff Writer in Beirut
© APD (Arab Press Digest) 2005
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