22.1 C
Manama
HomePR This WeekAlba Scoops TXF Middle-Eastern ECA Finance Deal of the Year

Alba Scoops TXF Middle-Eastern ECA Finance Deal of the Year

Follow Bahrain This Week on Google News
- Advertisement -

Aluminium Bahrain B.S.C. (Alba), set to be the largest single-site smelter in the world with potline 6 upon full ramp-up, was the recipient of TXF Middle-Eastern ECA finance deal of 2017 at the TXF Prague Conference which was held on June 6-7 in Hilton Prague.

Categorised as one of the perfect 10 TXF ECA finance deals of the year, the award recognized Alba’s efforts to raise around US$ 700 million for Euler Hermes and SERV-covered facilities in July 2017 to finance the construction of 1.8 GW combined-cycle Power Plant and the Power Distribution System for its landmark Line 6 Expansion project.

Speaking on this occasion, the Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa, said:

“To be recognised as a winner in the Perfect 10 TXF ECA finance deals of the year, for securing first tranche of ECA-covered facilities, is a another accomplishment for Alba.

- Advertisement -

I would like to extend our thanks to the participating banks which have partnered with us in this transaction, we all have emerged winners thanks to their trust in Alba’s Line 6 Expansion Project.”

The Mandated Lead Arrangers on this deal consist of Crédit Agricole Corporate and Investment Bank, Citibank N.A., Commerzbank AG, JP Morgan Chase Bank N.A. and Standard Chartered Bank (HK) Ltd. Commerzbank AG acted as the Facility Agent for both SERV and Euler Hermes covered facilities.

The facilities are made-up of a dual tranche of c. US$ 310.4 million and c. EUR 314.3 million SERV Guaranteed Export Credit and c. EUR 50 million Euler Hermes Guaranteed Export Credit.

The SERV-backed facility will fund the Company’s Power Station 5 (PS 5) wherein General Electric (GE), being the EPC contractor, will provide three 9HA gas turbines, three steam turbines and three Heat Recovery Steam Generators (HRSGs). This facility will have a 15-year tenor and the principal amount will be repaid over 12-year period.

The Hermes-backed facility will finance the Power Distribution Systems (PDS) where Siemens will construct and commission High Voltage electrical network and provide Gas Insulated Switchgear (GIS) up to 220kV. This facility will have a 14-year tenor and the principal amount will be repaid over 12-year period.

- Advertisement -

Check out our other news

Trending Now

Latest News