$379m term loan and $112.7m equity bridge loan for the Al-Ezzel Independent Power Project
HSBC and Société Générale were joint co-ordinating mandated lead arrangers and joint bookrunners
Funding for Bahrain’s first independent power project, Al-Ezzel, was ground-breaking in many ways. The 20-year term loan marks the longest tenor seen in Bahrain for any debt. In addition, the deal was bid for, awarded, structured and financed in a record time of just under 11 months, which was particularly impressive, given the aggressive financing structure and that it was for the first independent power project in Bahrain.
Al-Ezzel is a 940 megawatt power plant, to be built and operated by a consortium comprising Belgium’s Suez-Tractebel and Gulf Investment Corporation. The electricity generated will be sold to the government of Bahrain under a 20-year power purchase agreement.
