‘Power project in Bahrain secures .2bn refinance facility’

Al Dur Power & Water Company recently finalized a .2 billion refinancing deal for its Bahrain power project. The company, a major player in power generation and water desalination in the Kingdom of Bahrain, secured the facility from a syndicate of 17 local, regional, and international banks.

Owned by a consortium including Engie, GIC, Kyushu Electric Power Company, and the Social Insurance Organisation, Al Dur Power & Water Company benefited from the support of lenders and hedge providers such as Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait, and Société Générale, among others.

The refinancing facilities, with both conventional and Islamic components, extend up to 11 years and enable the company to replace its existing project-level debt with more favorable terms. This move reflects the project’s solid asset status and operational track record.

The Al Dur IWPP project is a key player in Bahrain’s power and water production landscape, boasting a capacity of 1.23 GW for power and 48 MIGD for water per day. The company operates under a 25-year power and water purchase agreement with EWA, with commercial operations commencing in early 2012.

The successful closure of this refinancing facility marks a significant milestone for Al Dur Power & Water Company and positions the project for continued success in the future.