Al Dur Power & Water Company, the largest power generation and water desalination company in Bahrain, has successfully closed a USD 1.3 billion refinancing. The new financing replaces the one originally provided in 2009.

The USD 1.3 billion new financing was provided by a syndicate of 20 banks including local, regional and international banks. The refinancing facilities extend up to 14 years and include USD 450 million of conventional facilities and USD 850 million of Islamic facilities.

Al Dur accounts for one-third of the country's power and water production with a combined capacity of 1,243 GW of power and 48 MIGD of water. The right to develop, finance and operate the project was awarded in 2008 by the Electricity and Water Authority (EWA) of Bahrain to a consortium consisting of Engie and Gulf Investment Corporation. Commercial operations started in early 2012. The Company benefits from a 25-year power and water purchase agreement entered into in 2009 with EWA.

“This is another landmark achievement for Bahrain in 2018,“ said Shafic Ali, the Chairman of Al Dur.“ We have a substantial participation from Bahrain-based banks and from Saudi banks. We also have seven international banks, ranging from Canada to Europe and Japan. A total of 14 banks from our original lenders have participated in the current refinancing.”

“This was a challenging transaction implemented in a volatile market environment,” said Cedric Girod, Head of Acquisitions, Investments and Financial Advisory at ENGIE Middle East, South & Central Asia and Turkey. “This success demonstrates the strong support of the Saudi, local,

regional and international banks for a key strategic asset of the Bahrain economy and for its lead sponsors ENGIE and Gulf Investment Corporation.”

Banks participating in the transaction include Ahli United Bank, Al Rajhi, Apicorp, Arab Bank, Arab Banking Corporation, Arab National Bank, GIB, KFH, MUFG, Banque Saudi Fransi, BNP Paribas, Credit Agricole-CIB, Export Development Canada, KFW IPEX, Mashreq, NCB, NBK, Riyad Bank, Societe Generale and Standard Chartered Bank.

-Ends-

About ENGIE

ENGIE Middle East, South & Central Asia and Turkey (MESCAT) has a regional presence of almost 30 years. ENGIE is the regional leading independent power & water producer with a gross capacity of 32 GW of power and 5.5 million m3/day of water. The portfolio includes 810 MWp of solar PV and 280 MW wind in India. In Turkey, ENGIE has 370,000 customers in gas distribution via IZGAZ and is active in energy retail, trading and origination. ENGIE owns 40% of Tabreed, the regional leader in district cooling, which is a key regional development platform. The Group is also the GCC’s leading Facility-Management provider via Cofely-Besix.

ENGIE is a global energy and services group, focused on three core activities: low-carbon power generation, mainly based on natural gas and renewable energy, global networks and customer solutions. The Group has 150,000 employees in 70 countries. 2017 turnover: 65 billion Euros. Listed in Paris and Brussels (ENGI), the Group is represented in the main financial (CAC 40, BEL 20, Euro STOXX 50, STOXX Europe 600, MSCI Europe, Euronext 100, FTSE Eurotop 100, Euro STOXX Utilities, STOXX Europe 600 Utilities) and extra-financial indices (DJSI World, DJSI Europe and Euronext Vigeo Eiris - World 120, Eurozone 120, Europe 120, France 20, CAC 40 Governance). To learn more: www.engie.com

About Gulf Investment Corporation (GIC)

GIC was established in 1983 and is equally owned by the six member states of the Gulf Cooperation Council. GIC provides a range of financial services that support the development of private enterprise and economic growth in the region.

GIC has extensive experience in, and commitment to, the power and water sector in the Region. GIC has been involved in the power and water sectors in the GCC from its inception. GIC is a co-developer of six energy infrastructure projects in the GCC with a total asset base of approximately USD 9.6 billion, namely:

  • Co-developer and major shareholder (45%) in Al-Ezzel Power Company, the first IPP in the Kingdom of Bahrain with 950 MW power capacity and circa USD 500 million total cost;
  • Co-developer and major shareholder (25%) in Al Dur Power & Water Company in Bahrain with 1,234 MW power and 48 MIGD desalination capacity and circa USD 2.1 billion total cost;
  • Co-developer and major shareholder (20%) in Jubail Water & Power Company, the largest independent water and power plant in the world with 2,750 MW power and 176 MIGD desalination capacity and USD 3.2 billion total cost;
  • Co-developer and major shareholder (20%) in Shuqaiq Water & Power Company the second WEC IWPP with 850 MW power and 48 MIGD desalination capacity and USD 1.9 billion total cost;
  • Investor and board member in Ras Laffan Power Company, the first IWPP project in Qatar, with 750 MW power and 40 MIGD desalination capacity and USD 700 million of total cost; and
  • Co-developer and shareholder (24%) in Bahrain LNG, the first private LNG receiving and re-gasification terminal in the Middle East with a capacity of 800 million standard cubic feet per day and USD 1 billion of total cost.

For more information about Gulf Investment Corporation, visit: www.gic.com.kw

Press contact for ENGIE:

Majda Soussi

ENGIE Middle East, South & Central Asia and Turkey

External Communication and Media relations Manager

majda.soussi@engie.com

ENGIE Middle East South and Central Asia, Turkey

Business Central Tower B- 48th Floor - Media City

PO BOX 66235-Dubai, United Arab Emirates

Tel +971 44570777

Press contact for Gulf Investment Corporation:

Meshary Al-Judaimi

Division Head - Utilities, Financial Services and Telecoms

Gulf Investment Corporation

Kuwait

Tel +965 2222 5170 (direct)

maljudaimi@gic.com.kw

Press contact for Al Dur Power & Water Company:

Hussain Ali Haji-Ali

Chief Financial Officer

Al Dur Power & Water Company B.S.C. (c)

Orchid Business Center, Al Seef District

Manama, Bahrain

Tel +973 17 561 888

hhaji@alezzelpower.com

© Press Release 2018

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.