Al Dur Power and Water Company, a leading power and water desalination provider in Bahrain, announced the successful completion of a $1.2 billion refinancing package.

The financing, secured from a consortium of 17 local, regional and international banks, extends for up to 11 years.

The refinancing includes a $643m conventional tranche and a $557m Islamic facility. The diverse group of lenders comprises prominent players in European and Middle Eastern project finance markets.

This refinancing allows Al Dur to replace its existing project-level debt with terms reflecting the project’s established operational track record and eliminated construction risk.

The lender syndicate includes 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 and Water Company is a joint venture between Engie, Gulf Investment Corporation (GIC), Kyushu Electric Power Company (Kyuden) and the Social Insurance Organisation (SIO).

The Al Dur IWPP is a cornerstone power project in Bahrain, contributing significantly to the country’s power and water production capacity. The plant boasts a capacity of 1,234 megawatts (MW) of power and 48 million imperial gallons per day (MIGD) of water.

It operates under a 25-year power and water purchase agreement with the Electricity and Water Authority (EWA). Commercial operations commenced in early 2012, with the official inauguration following in April of the same year.

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