(MENAFN - Editorial) Al Dur Power & Water Company, the largest power generation and water desalination company in Bahrain, celebrated today the successful closure of a USD 1.3 billion refinancing facility provided by a syndicate of 20 banks including local, regional and international banks. The celebration was held with the participation of H.E. Shaikh Mohammed bin Khalifa Al Khalifa, the Minister of Oil, H.E. Cecile Longe, the French Ambassadress to Bahrain, a representative from the German Ambassador to Bahrain and representatives from the Company, shareholders, financing banks and other key stakeholders.
The refinancing facilities extend up to 14 years and include USD 450 million of conventional facilities and USD 850 million of Islamic facilities. The new financing replaces the one originally provided in 2009, which amounted to USD 1.6 billion. Banks participating in the transaction include: Ahli United Bank, Al Rajhi Bank, Arab Bank, Bank ABC, ABC Islamic Bank, Arab National Bank, Arab Petroleum Investments Corporation (APICORP), Banque Saudi Fransi, BNP Paribas, Crédit Agricole CIB, Export Development Canada, Gulf International Bank, KFW IPEX-Bank, Kuwait Finance House (Bahrain), Mashreqbank, MUFG, Riyad Bank, National Bank of Kuwait - Bahrain Branch, Société Générale, Standard Chartered Bank and The Saudi National Commercial Bank.
Al Dur accounts for one-third of the country's power and water production with a combined capacity of 1,234 MW 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. Other shareholders including the Social Security Organisation, Bahrain Islamic Bank, Capital Management House, First Energy Bank, and Bunya Infrastructure Fund joined in 2009. The Company benefits from a 25-year power and water purchase agreement entered into with EWA.