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KfW IPEX-Bank finances purchase of Al Hidd water and power project in Bahrain
biggest privatisation project in the country's history
Frankfurt (ots) - KfW IPEX-Bank together with other banks is lead arranger for the financing of the purchase of the Al Hidd independent water and power project (IWPP) in Bahrain. The selling for USD 738 million is the biggest privatisation project in the country's history. It has been bought by a consortium of International Power plc., Suez and Sumitomo, which will sell power and water back to the government for 20 years. The consortium will also install an additional desalination plant, taking total project costs to USD 1,250 million.
The commercial debt financing was arranged and structured by KfW IPEX-Bank as technical and insurance bank together with six international banks.
The gas-fired power plant has a total capacity of 910 MW and the desalination plant produces 30 million gallons a day. The new additional desalination plant is to produce more than 60 million gallons of fresh water every day.
Due to the continuing and strong growth of the population and the economy Bahrain has a constant demand for new power generation facilities. Besides electricity, the supply with fresh water is equally essential for the daily life of the population.
Within KfW Bankengruppe KfW IPEX-Bank provides project and corporate finance in Germany and abroad and also offers trade and export finance. Worldwide it conducts all market activities of KfW Bankengruppe that are done on commercial terms. It has been run as a legally dependent bank within KfW Bankengruppe since January 1, 2004 and as of January 1, 2008 it will be separated into a legally independent subsidiary. In the year 2005 KfW IPEX-Bank made new commitments for a total of EUR 12.1 billion.
For further information please call: Dela Strumpf, Phone: 069 7431-2984, E-Mail: firstname.lastname@example.org