Abu Dhabi, Feb. 1st, 2007 (WAM) - Mubadala Development Company, an investmentand development vehicle established and wholly owned by the Governmentof the Emirate of Abu Dhabi, today announced the financial close on theUSD$900Million development of a 1227 MW gas-fired thermal power plantin the province of Tipaza, Algeria.
The project calls for the development, construction and operation of theplant and will be executed through Shariket Kahraba Hadjret En Nouss SpA(SKH SpA), a newly established company 51% owned by Algerian UtilitiesInternational Limited and 49% by three subsidiaries of the Governmentof Algeria: Sonatrach, Sonelgaz and Algerian Energy Company. Algerian Utilities International Limited is owned by Mubadala Developmentand SNC-Lavalin Constructors International Inc, a subsidiary of SNC-Lavalin,a world leader in engineering and construction, and a global player inthe development of infrastructure and in operations and maintenance services. "We are honored by this vote of confidence from the Government of Algeria.The conclusion of the Hadjret En Nouss financing is yet another stepin Mubadala's strategic plans in the Power sector as well as in Algeriawhere the company is developing large-scale projects in other industries,"said Waleed Al Mokarrab Al Muhairi, Chief Operating Officer of MubadalaDevelopment.
Design work and construction activities for the new power plant, locatedto the west of Algiers, has already begun. Once the EPC work is completedin 2008, the electricity generated will be sold to Sonelgaz under a 20-yearcontract. "This power plant will add close to 20% of Algeria's current energy supply,and thus is a decisive step for future social and industrial developmentsin Algeria. Mubadala wants to be associated with the country's promisinggrowth." Added Al Muhairi. Mubadala Development is a Public Joint Stock company established and whollyowned by the Government of the Emirate of Abu Dhabi. Its mission is toinvest in commercially-viable, strategic, industrial and commercial partnerships. The company manages a diversified portfolio of local, regional, and internationalinvestments. International investments include the Dutch fleet managementgiant LeasePlan Corporation (25% stake), and a stake in nine oil explorationblocks in Libya. Stakes are also held in the Swiss aircraft and engineservices provider SR Technics (40%), the Italian luxury car manufacturerFerrari (5%), and Piaggio Aero Industries (35%). In the United Arab Emirates and wider Gulf region, Mubadala Developmenthas invested in, and developed, a number of leading projects includingthe first GCC cross-border natural gas project, Dolphin Energy (51% majoritystake), Aldar Properties, National Central Cooling Company, Abu DhabiShip Building, Imperial College London Diabetes Center in Abu Dhabi, InjazatData Systems, and the Mukhaizna Oil Field developments in Oman. Mubadala Development signed a joint development agreement with Dubai AluminumCompany (DUBAL) to develop, construct, own and operate a USD6-billionworld class green-field aluminium smelter complex with 1.4-million tonscapacity a year at the Khalifa Port and Industrial Zone in Abu Dhabi. Mubadala Development is also leading the development of the UAE University'snew campus in Al Ain City through a public-private partnership initiative.
