Dec 27 2005 |
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UAE eyes Algeria project
ABU DHABI -- Abu Dhabi-based Mubadala Development Company has entered into a joint bidding agreement (JBA) with SNC-Lavalin Inc. to bid for a project to build, own and operate (BOO) a $900 million 1,200-megawatt power generation plant at Hadjret Ennous in western Algeria.On December 17, SNC-Lavalin was announced as the winning bidder for the Independent Power Project (IPP). Following the announcement, a protocol agreement on the terms of the required investment in the project company was signed with the Algerian Energy Company (AEC) which is equally owned by the state energy company Sonatrach and the state power company Sonelgaz.
Under the JBA, Mubadala Development and SNC-Lavalin will equally co-invest to own a 51 per cent stake in the project company, while the remaining 49 per cent stake will be owned by Algerian government bodies.
Sonelgaz will guarantee the purchase of the power produced by the plant to meet growing demand for electricity in Algeria, estimated at four per cent per annum, and will sign an energy conversion agreement to that effect with the project company.
The Skikda power plant is being built by SNC-Lavalin, and is scheduled to be commissioned in the first quarter of 2006.
Khaldoon Khalifa Al Mubarak, chief executive officer of Mubadala Development, said the investment in Hadjret Ennous IPP is in line with the company's utilities investment strategy in the emerging markets of North Africa.
"Mubadala Development is extremely bullish on Algeria's fast growing energy sector. This is our debut venture in the promising North African utilities sectors and we seek to use it as a step towards other investment opportunities in Algeria, as it has always been a prime focus of our interest," he said.BY A STAFF REPORTER
© Khaleej Times 2005
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