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Bahrain-based Al Dur Power & Water Company has successfully closed a $1.2 billion refinancing facility from a syndicate of 17 local, regional, and international banks.
The refinancing facilities extend up to 11 years, including a $643 million conventional facility and a $557 million Islamic facility from commercial lenders active in the European and Middle Eastern project finance markets.
The new facilities allow the power generation and water desalination company to refinance its existing project-level debt.
The lenders and hedge providers, via conventional and Islamic facilities, include Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait, Ahli United Bank, Arab Bank, Bank ABC, ABC Islamic Bank, Arab Petroleum Investments Corporation, 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 & Water Company is owned by a consortium comprising France’s Engie, Gulf Investment Corporation, Kyushu Electric Power Company and the Social Insurance Organisation.
The Al Dur IWPP, which started commercial operations in early 2012, generates 1,234 megawatts (MW) of electricity and 48 MIGD of water daily.
The company has signed a 25-year power and water purchase agreement with the Gulf nation’s Electricity and Water Authority.
(Reporting by D Madhura; Editing by Anoop Menon)
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