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GCC consortium completes stake sale in Bahrain power plant

September 1, 2021
oil and gas

A consortium of GCC financial institutions has successfully divested their approximately 20 percent shareholding in Al Dur Power and Water Co. (ADPWC) to Kyuden International Corporation, the international business arm of Japan's utility, Kyushu Electric Power Co.

In a statement released on Tuesday by First Energy Bank, a consortium member, the terms of the transaction were not disclosed. The other members of the consortium are Ibdar Capital, Bahrain Islamic Bank, and Bunyah GCC Infrastructure Fund.

Kyushu Electric owns and operates generation, transmission and distribution facilities in over 10 countries including Japan.

ADPWC is a gas-fired power generation and seawater reverse osmosis desalination facility in Bahrain with net power capacity of 1,234 megawatt and 48 million imperial gallons per day of water production capacity.