PHOTO
Aluminium Bahrain B.S.C. (Alba), home-base of the Line 6 Expansion Project, is pleased to announce that it has secured commitments of c. US$ 700 million from Export Credit Agency (ECA) supported facilities to finance Line 6 Expansion Project.
The facilities are made-up of a dual tranche of c. US$ 310 million and c. EUR 315 million SERV Guaranteed Export Credit and c. EUR 50 million Euler Herms Guaranteed Export Credit.
The SERV-backed facility will fund the Company’s Power Station 5 (PS5) wherein General Electric (GE), EPC contractor, will provide three 9HA gas turbines, three steam turbines and three heat recovery steam generators (HRSGs). This facility will have a 15-year tenor and the principal amount will be repaid over 12-year period. The Hermes-backed facility will finance the Power Distribution Systems (PDS) where Siemens will construct and commission High Voltage electrical network and provide Gas Insulated Switchgear (GIS) up to 220kV. This facility will have a 14-year tenor and the principal amount will be repaid over 12-year period.
Commenting on this milestone, Alba’s Chairman of Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said:
“Securing the Export Credit Financing for Power Station 5 and Power Distribution System is a strong vote of confidence in Line 6 Expansion Project.
We look forward to work with the Swiss and German Governments as well as with GE and Siemens to progress with Line 6 as per schedule.”
JPMorgan Chase Bank, N.A. is acting as the ECA coordinator to assist the Company in arranging the ECA facilities. Further information will be provided in due course.
Expected to start metal production in early 2019, Line 6 Expansion Project will boost the per-annum production by 540,000 metric tonnes upon its full ramp-up, bringing Alba’s total production capacity to 1,500,000 metric tonnes per annum to make Alba the world’s largest single-site aluminium smelter.
-Ends-
About Alba:
Aluminium Bahrain B.S.C. (Alba) - one of the largest and modern aluminium smelters in the world - is renowned for its premium grade aluminium products, technological strength and innovative policies, strict environmental guidelines and high track record for safety. Established in 1971 as a 120,000 tonnes per annum smelter, Alba today produces more than 970,000 metric tonnes per annum of the highest grade aluminium, with products including standard and T-ingots, extrusion billets, rolling slab, properzi ingots, and molten aluminium.
Alba is listed on both the Bahrain Bourse and London Stock Exchange, and the Company’s shareholders are Bahrain Mumtalakat Holding Company (69.38%), SABIC Industrial Investment Company (20.62%) and the General Public (10%).
About Line 6 Expansion Project:
Alba’s Line 6 Expansion Project is one of the largest brownfield developments in the region. Expected to begin production by early 2019, this Project will boost the smelter’s per-annum production by 540,000 metric tonnes, bringing its total production capacity to around 1.5 million metric tonnes per year.
With a CAPEX of approximately US$ 3 billion, the Line 6 Expansion Project involves the construction of a sixth pot line utilising EGA’s proprietary DX+ Ultra Technology, a 1,792 MW power station and other industrial services.
Bechtel is the EPCM contractor for the Line 6 Expansion Project smelter. For Power Station 5 (PS 5), GE and GAMA Consortium was awarded the EPC contract, while Siemens is the Power Distribution System contractor. J.P. Morgan Limited, Gulf International Bank (GIB) and National Bank of Bahrain (NBB) are the Financial Advisors for this Project.
The Bankable Feasibility Study was completed by Bechtel in December 2014. In June 2015, Alba Board approved the Line 6 Expansion Project and in November 2015, Alba secured the natural gas supply for this Project.
The Line 6 Expansion Project will make Alba the world’s largest single-site aluminium smelter and be a significant economic boost for the Kingdom of Bahrain due to the many co-investment opportunities through local and foreign aluminium investments.
For further details, please contact:
Eline Hilal
Manager – Investor Relations &
Corporate Secretary
Investor Relations & Public Relations Department
Tel: (973) 1783 5100 (direct)
Fax: (973) 1783 3822
E-mail: eline.hilal@alba.com.bh
Website: www.albasmelter.com.bh
Follow us on:
http://www.twitter.com/Alba4World
http://www.facebook.com/Alba4World
http://www.instagram.com/Alba4World
http://www.linkedin.com/company/aluminium-bahrain
http://www.youtube.com/Alba4World
© Press Release 2017
