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The Independent Water and Power Project Marafiq was chosen as "Power Deal of the Year" in the Europe, Middle East and Africa Region and "Desalination Deal of the Year" worldwide for its financial innovation.
Marafiq is the largest project finance deal ever signed in the power sector so far. The deal is a combination of conventional and Islamic financing providing over 80% of the $3.4bn project from a syndicate of 32 international, regional and Saudi banks.
Another award was for the limited recourse financing of the Barka 2, greenfield independent water and power project, combined with the acquisition of the Rusail power company in Oman. Barka2-Rusail was nominated as "Global Deal of the Year" for its financing across all sections and regions.
A syndicate of 26 international and regional banks provided the $800m loans.
Dirk Beeuwsaert, CEO of SUEZ Energy International, commented:
"Creative and innovative project financing is instrumental in the success of the development of the large-scale, ambitious projects SUEZ is bidding for in the Middle East. Our success in project financing is evidence of the confidence of the banking community in the strength of SUEZ, its multi-disciplinary local teams, its partners, and the economic development in the Gulf region".
The Middle East now represents a significant part of the SUEZ portfolio: the company has a direct equity interest in 11,164 MW of electricity and 2.1 million m of water per day.
Marafiq Independent Power and Water Project The plant is currently under construction in the city of Jubail in the northeast region of Saudi Arabia.
Marafiq IWPP is a 2,750 MW combined cycle power station and a large water desalination facility of 800,000 m/day.
The Marafiq IWPP contract was awarded to a consortium of SUEZ Energy International, Gulf Investment Corporation and Arabian Company for Power & Water projects by the Power and Water Utility Company for Jubail and Yanbu (Marafiq) and is being built to supply water and electricity to industrial and non-industrial customers in the Jubail Industrial City and eastern province.
The sale of the plant's entire energy and water output to the off-taker Marafiq is guaranteed in a 20 year Power and Water Purchase Agreement. Barka 2 Power and Water Project Barka 2 is a 678 MW power plant and a 120,000 m/day seawater desalination plant on the Gulf Coast of Oman.
Awarded by Oman Power and Water Procurement Company ("PWP"), the sale of the facility's electricity and potable water production is guaranteed for fifteen years by a Power and Water Purchase Agreement with Oman Power and Water Procurement Company.
The project was acquired by a consortium consisting of SUEZ Energy International, Mubadala Development and National Trading Company, and will benefit from Degrémont's reverse osmosis technology.
Al-Rusail Power Company Al-Rusail Power Company is a 665 MW power plant purchased from Electricity Holding Company ("EHC") and which was owned by the government of Oman.
It was the first state-owned power plant to be privatized in the Sultanate of Oman.
Electricity produced by the Al-Rusail plant is covered by a Power Purchase Agreement with Oman Power and Water Procurement Company that runs until 2022.
Posted by Eman Hassan
