The refinancing the Al Dur 2 Independent Water and Power Project (IWPP) in Bahrain was awarded the refinancing of the year in the Middle East. Judges were impressed by the critical nature of the project on establishing the country’s energy security.  

In March 2024, ACWA Power has refinanced $580 million of the project’s existing debt.  

According to the submission, Riyad Bank acted as Intercreditor Agent during the refinancing process, with ACWA Power and Mitsui as sponsors and Haya Power & Desalination Company as the borrower. 

ACWA owns 60% of the project, with Mitsui (30%) and Almoayyed Contracting Group WLL (10%) owning the remainder.  

Judges said the Al Dur Phase II IWPP demonstrates Bahrain’s dedication to sustainable infrastructure development and not only meets the growing demand for electricity and desalinated water but also contributes significantly to the economic and social development of the region. 

The 1.5GW project uses sea water reverse osmosis (SWRO) technology to produce 227,000 cubic metres per day of desalinated water alongside a CCGT power plant to generate energy. The IWPP launched operations in June 2022. The offtaker on the project is Electricity and Water Authority, Bahrain (EWA). 

The full list of lenders on the project is: 

• Ahli United Bank 

• Apicorp
• Al Rajhi Bank
• Arab National Bank
• Banque Saudi Fransi
• Gulf International Bank
• KfW IPEX-Bank
• National Bank of Bahrain
• Riyad Bank
• Standard Chartered Bank