Middle East Economic Survey

VOL. XLVII

No 51/52

20/27-December-2004

ENERGY FINANCE

Financing Details For Al-Azzal, Bahrains First IPP

The financing for al-Azzal, Bahrains first independent power project (IPP), comprises a $380mn non-recourse loan with a 20-year tenor (which includes a cash sweep at year 12) and a $120mn equity bridge loan with a three-and-a-half year tenor. The deal, which carries the longest tenor seen on a Bahrain loan, was initially underwritten by HSBC and Societe Generale,...