France's GDF Suez to close Gulf projects' financing by Aug

POWER PLAN: The project will deliver 1,500 MW of electricity generated from natural gas. (Getty Images - for illustrative purposes only)

French utility GDF Suez will close financing on two power and water projects worth $3.6bn in Abu Dhabi and Bahrain by August, a top company executive said on Monday.

"If you are a strong developer with the support of the state, financing in today's environment is not difficult," Shankar Krishnamoorthy, chief executive of GDF Suez Middle East and North Africa, told Reuters.

He said $2bn of the Shuweihat 2 power generation and water desalination project would close in August and $900m would be used to repay financing secured earlier.e

Japanese and international banks would be involved in the financing of this project done in partnership with Abu Dhabi Water and Electricity, Krishnamoorthy said.

Completion and start-up of the project, which will deliver 1,500 MW of electricity generated from natural gas, and 454,610 cubic metres per day of water, is scheduled for 2011, the company has said.

GDF Suez owns a 40 percent stake in Shuweihat 2, with its partner ADWEA owning the remainder.

GDF Suez will close financing on $1.6bn for the Al Dur independent water and power project (IWPP) in Bahrain with international and local banks, Krishnamoorthy said.

Earlier delays were linked to tight international credit markets. (Reuters)

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