ABC issues bonding for Phase II of Hidd Power Station Project

Arab Banking Corporation (ABC) has issued the bonding for Bahrain’s Al Hidd Power Station Phase II Project on behalf of Alstom (Switzerland) Ltd., which is part of the Paris-based Alstom Group, who is a valued multinational client of the ABC Group.

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By  Massoud Derhally Published  September 11, 2001

Arab Banking Corporation (ABC) has issued the bonding for Bahrain’s Al Hidd Power Station Phase II Project on behalf of Alstom (Switzerland) Ltd., which is part of the Paris-based Alstom Group, who is a valued multinational client of the ABC Group.

The bonding consists of a 4½ year Performance Bond for $30 million and a two-year Advance Payment Guarantee for $45 million. Alstom (Switzerland) Ltd. signed the formal contract for the project with the Ministry of Electricity and Water in Manama on September 10, 2001.

“The issuance of these guarantees is another example of the strong commitment that the ABC Group has in supporting major projects throughout the Arab World,” said
Mr. Ghazi Abdul-Jawad, President & Chief Executive of ABC.

The Al Hidd gas-fired power and desalination plant is Bahrain's largest power and water production facility located on Muharraq Island. The Al Hidd facility will produce 280MW of power and 136 million liters of desalinated water per day to meet the rapidly increasing power and water demand, using reliable, efficient and environmentally friendly technology. The final phase will see the production of 840MW of power and 409 million liters of desalinated water per day.

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