The Al Dur project, which is located on the southeast coast of the Kingdom of Bahrain, is valued at a total of $2.2 billion. The project is said to be on track to meet completion dates and be fully operational in the summer of 2011. It will produce 1,234 megawatts of power and 48 million gallons of water when operational.
Mohamed Ghanem, deputy CEO and chief investment and business development officer of FEB, said: “Representing a solution to the rising demand of both water and electricity in the Kingdom, the Al Dur water and power production project is a prime example of the nature and scope of investment we are looking for. With an investment of $50m, we are one of five new Bahrain-based shareholders to enter into the project, and are very excited about the opportunity.”
The project is composed of a combined cycle gas turbine power plant and a reverse osmosis (RO) technology desalination plant.
Both Gulf Investment Company (GIC) and GDF Suez were awarded the project last year. Under a 25 year power and water purchase agreement, the project will provide both electricity and water to the Electricity and Water Authority (EWA) beginning in the summer of 2010.
