Clifford Chance and Latham & Watkins have advised parties on the US$1.2 billion refinancing of Al Dur Independent Water and Power Project (Al Dur IWPP) in Bahrain.
Al Dur IWPP is a flagship project in Bahrain, accounting for a significant portion of the country’s power and water production.
The project has capacity for 1,243 MW of power and 48 MIGD of water per day.
The 11-year refinancing involved over 15 regional and international lenders and hedge providers, via conventional and Islamic facilities consisting of a commercial term loan and Ijara.
Clifford Chance advised Al Dur Power and Water Company, along with project sponsors including ENGIE, Gulf Investment Corporation, Kyushu Electric Power Company, and Social Investment Organisation.
Latham advised the commercial banks, Islamic financiers, and hedging banks.
The Clifford Chance team was led by Abu Dhabi partner Mohamed Hamra-Krouha with assistance from Dubai partner Chirag Sanghrajka. The hedging workstream was led by London partner Anne Drakeford.
Hamra-Krouha said: “We are delighted to have completed this important refinancing for the company and the sponsors. Our market-leading project finance team worked alongside ENGIE to ensure this project achieved its ambitious timeline.”
The Latham team was led by London finance partner Tom Bartlett.
Al Dur Power and Water Company is a special purpose vehicle owned by the consortium of sponsors.
