GDF Suez and GIC announce Al-Dur finance agreementby Kevin Baxter on Jul 26, 2009
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The Gulf Investment Corporation (GIC) and French engineering contractor GDF Suez have announced that the limited recourse financing of the US$2.1 billion Al-Dur Independent Water and Power Producer project in Bahrain has been completed.
“The success of this major finance agreement is strong evidence of the confidence of the banking community in the strength of the consortium and the economic development of Bahrain,” Guy Richelle, CEO of GDF Suez Energy MEAA region said.
A group of five prominent institutions have entered as new shareholders in the project. The Social Insurance Organization of Bahrain, Instrata Fund, Capital Management House, Bahrain Islamic Bank and First Energy Bank have joined GDF Suez and GIC in the project. GDF Suez will remain the largest shareholder with a 45% stake.
The Al-Dur project is the largest privately-owned industrial project in Bahrain and was to the two companies by the Bahrain Ministry of Finance following an international competitive tendering process.
The contractors working on the Al-Dur project includes Hyundai Heavy Industries (HHI), General Electric will supply the power plant turbines and Degremont, who will supply and install the RO desalination facility.