Bahrain’s First Energy takes 9% in Al Dur project

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Bahrain-based First Energy Bank (FEB), the Islamic investment bank, has taken a 9% stake worth $50 million in the Al Dur Independent Water and Power Production (IWPP) project, the largest of its kind in the kingdom.

The Al Dur project, located on the southeast coast and valued at $2.2 billion, is set to become fully operational in the summer of 2011.

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.

The project is composed of a combined cycle gas turbine power plant and a reverse osmosis (RO) technology desalination plant.

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