10 September 2008

GDF SUEZ and Gulf Investment Corporation Sign Al Dur Independent Water and Power Project in Bahrain

A consortium composed of GDF SUEZ and Gulf Investment Corporation (GIC) executed today with the Government of the Kingdom of Bahrain the project agreements for the development of Al Dur Independent Water and Power Producer (IWPP). The project, to be developed on a BOO (build, own, operate) basis, will be located at Al Dur, on the southeastern coast of Bahrain and will substantially increase power and water supplies in the Kingdom.

The Ministry of Finance awarded the IWPP to GDF SUEZ and GIC consortium following an international competitive tendering process. The project is the third IWPP being developed in the Kingdom of Bahrain.

The project will deliver electricity and water to the Electricity and Water Authority (EWA) under a twenty-year Power and Water Purchase Agreement (PWPA) commencing on 1 June 2011. The first phase of the project will start in the summer of 2010, with full capacity being achieved in summer 2011. The project consists of a Combined Cycle Gas Turbine power plant and a Reverse Osmosis (RO) technology desalination plant together with all support facilities such as seawater intake and discharge structures and gas connection facilities. The complex will have a capacity of 1,234 MW of power and 218,200 cubic meters per day (48 million imperial gallons per day) of water.

GDF SUEZ and GIC selected Hyundai Heavy Industries (HHI) as the EPC contractor of the project. General Electric will supply the power plant turbines and Degremont will supply and install the RO desalination facility.

The project is expected to cost over USD2.0 billion, which will be funded by a mix of equity capital and project finance through a consortium of regional and international banks.

”The fact that GDF Suez is involved in each of the three I(W)PP projects in Bahrain demonstrates the company’s commitment to investing in the Kingdom of Bahrain. The Middle-East needs to build substantial additional power and water capacity and we have proven to be a reliable and competent partner to do so”, said Dirk Beeuwsaert, GDF SUEZ Energy International’s Chief Executive Officer.

Mr Hisham Al-Razzuqi, CEO of GIC stated: "GIC is a co-developer of five power and water projects in the GCC with a total asset base of approximately USD 9 billion." Mr Al-Razzuqi further added: "Wining Al Dur IWPP project reinforces GIC role in supporting private sector participation in the development of the GCC economies”

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