SUEZ Energy International, in a consortium with its partners Mubadala Development Company, a wholly-owned investment and development vehicle of the Government of the Emirate of Abu Dhabi, and National Trading Company, completed today the limited-recourse financing of the SMN Barka Power Company SAOC, owner of the green-field Barka 2 Independent Water and Power Project combined with the acquisition of Al-Rusail Power Company in Oman.
A syndicate of international and regional banks are providing the US$ 800,000,000 loans.
The syndicate was led by HSBC and Sumitomo Mitsui Banking Corporation, together with KBC, Calyon, Natixis, BNP Paribas, Mashreq Bank, Arab Bank, GIB, Bank Muscat, National Bank of Abu Dhabi, KFW-Ipex, Bayern LB, West LB, Standard Chartered Bank and Mizuho.
The financing not only involved Barka 2 and Al-Rusail but covered the acquisition loan for the successful takeover of Al-Rusail Power Company on 31st January 2007.
Guy Richelle, CEO of SUEZ Energy Middle East, Asia & Africa commented :
'The transaction was completed within 70 days from signing the project documents. This represents significant efforts from participating banks and their advisors and from the SUEZ teams who just completed the financing of the Taweelah A1/10 IWPP extension in Abu Dhabi beginning of this month. With this deal, SUEZ once again demonstrates its expertise and creativity in finalizing complex financial transactions.'
-Ends-
The Consortium had signed a Power and Water Purchase Agreement for the development, construction and operation of Barka Phase 2, a 678 MW and 120,000 m/dag independent power and water project ('IWPP') to be located in the Sultanate of Oman, as well as for the acquisition of a 100% participation interest in Al-Rusail Power Company, a 665 MW power plant currently owned by the Government of Oman on 10th December 2007. The seawater desalination plant of Barka Phase 2 is based on reverse osmosis technology to be supplied by Degrmont, specialized in water treatment plants within SUEZ Environment.
SUEZ Energy International's activities and investments in the Gulf Region started in 1994 with the development of the first independent power producer ('IPP') in the Gulf Region, the Al Manah project in Oman. In Abu Dhabi, SUEZ Energy International is one of the three founding shareholders in Taweelah A1, one of the largest power and water desalination plants in operation in the world. In 2004 the Group won the public tender for both the Sohar IWPP in Oman and the Al Ezzel IPP in Bahrain. Also in Bahrain, SUEZ completed this year the acquisition of the Al Hidd IWPP. In December 2006 it signed the Barka2 Rusail contract in Oman and the Marafiq independent power and water project in Saudi Arabia.
For more information about SUEZ Energy International and SUEZ, visit: www.suezenergyint.com
Contacts:
Guy Richelle
Regional Manager SUEZ Energy Asia Middle East Africa
Tel: +971 43314486
Arnaud Erbin
SUEZ Investor Relations
Tel: +33 1 4006 64 89
Katja Damman
SUEZ Energy International
External Communications
Tel: +32 2 510 7069
© Press Release 2007
