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$235m Shuaibah expansion papers signed

Riyadh , July 19, 2007

The project and finance documents for the Shuaibah III expansion project have been signed in Riyadh.

The project, a new $235 million, 150,000 cu m /day reverse osmosis desalination plant in Saudi Arabia, is being implemented by Shuaibah Expansion Project Company (SEPC), a company owned by shareholders from the Kingdom of Saudi Arabia (namely, Arabian Company for Water and Power Projects 'ACWA Power Projects,' the Public Investment Fund and Saudi Electricity) and from Malaysia (Malakoff, Tenaga Nasional, Khazanah Nasional).

This financing follows the recent successful conclusion of the financing for the $1.8 billion debt facility for Shuqaiq IWPP project, a new 850 MW crude oil fired power and 212,000 cu m/day desalination plant and associated facilities, according to an official spokesman.

Developers of the Shuqaiq IWPP are ACWA Power Projects, Gulf Investment Corporation and Mitsubishi Corporation.

GIB played a leading role in both facilities. For the SEPC financing, GIB is the Islamic Facility Agent and a provider of senior debt and equity bridge loan.

'Once again we are able to rely on GIB's promptness, quality of service and commitment to customer satisfaction. We greatly appreciate GIB's unwavering support to the IWPP sector,' said chairman of ACWA Power Projects and a Director of SEPC Mohammad Abunayyan.

For the Shuqaiq IWPP financing of $1.8 billion, GIB is the coordinating bank, structuring bank, financial modeling bank, joint book runner and intercreditor Agent.

GIB is a leading merchant bank in the Middle East with its principal focus on the Gulf Cooperation Council (GCC) states. It is one of the largest regional banks in the GCC, with more than $27 billion of its own assets and $22 billion of clients' assets under management.

With a proven track record spanning more than 30 years, GIB provides client-led, innovative financial products and services to a wide customer base in the region, including investment banking, asset management, project and structured finance and Islamic banking.Trade Arabia News Service




Tags: Shuqaiq | Shuaibah | Water desalination |

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