Kuwait, 1-5-2012: His Majesty King Hamad Bin Isa Al-Khalifa, King of Bahrain, today inaugurated Bahrain’s largest independent power generation and water desalination plant owned by Al-Dur Power & Water Company (“Al Dur”). The ceremony, which was attended by His Royal Highness Prince Khalifa Bin Salman Al-Khalifa and more than 600 local, regional and international dignitaries and business leaders and shareholders and partners of the company.

Al Dur has been established to help meet the growing demand in the Kingdom of Bahrain for clean, reliable and competitively-priced power and water. The plant, which began commercial operations in February 2012, has a capacity of 1,234 MW of power and 218,000 m3 per day of the highest quality water in the GCC today.

This is equivalent to approximately one-third of the Kingdom’s installed power capacity and one-third of its water requirements. With the additional capacity that Al Dur will supply to the national grid of the Kingdom, the plant has the potential to transform Bahrain from an importer of power at peak periods of usage to an exporter of power to other GCC countries. The Bahraini Electricity and Water Authority (“EWA”) is the sole off-taker of the plant output under a 25-year Power and Water Purchase Agreement.

Al Dur has been developed at a total cost of US$ 2.1 billion by International Power-GDF SUEZ, a world leader in independent power and water generation, and Gulf Investment Corporation, the largest financial investor in power and water projects in the GCC. Its shareholders include a number of local Bahraini institutions: Social Insurance Organization, Bahrain Islamic Bank, Capital Management House, First Energy Bank and Instrata Capital.

Commenting on the occasion, His Excellency, Abdulhussain bin Ali Mirza, Minister of Electricity of the Kingdom of Bahrain, said: “We are honoured by the patronage and presence of His Majesty the King to mark the official inauguration of the Al Dur power and water plant. His support reflects His Majesty’s keen interest in developing landmark projects of this scale in the Kingdom and in particular, those that contribute towards enhancing the quality of life for citizens and their access to vital services. EWA is working hand-in-hand with the private sector in order to support Government efforts to expand the Kingdom’s infrastructure. We are confident that the launch of Al Dur and its partnership with EWA will ensure the stable and secure supply of power and water to support ongoing growth and diversification of the economy. We would also like to congratulate His Royal Highness the Prime Minister Prince Khalifa bin Salman Al Khalifa and the Crown Prince His Royal Highness Prince Salman Bin Isa Al Khalifa on this important occasion. This significant investment made by the shareholders of Al Dur is a direct reflection of their confidence in the Kingdom, its leadership and its strong prospects for the future.”

”We are delighted to inaugurate this landmark project in the Kingdom of Bahrain,” said Mr. Hisham Al-Razzuqi, Chief Executive Officer of Gulf Investment Corporation (GIC). “As Bahrain’s single largest independent producer of power and water, Al Dur is a critical part of the Kingdom’s economic infrastructure. With the launch of commercial operations at the plant, the Kingdom’s power and water supply has been secured well into this decade. Reliable access to power and water is essential to fuelling growth and we are proud to play an important part in the Kingdom’s further economic development for the benefits of all citizens. We thank His Majesty King Hamad Bin Isa Al-Khalifa and the leadership and government of the Kingdom of Bahrain for the support they have extended to Al Dur and its shareholders and for continuing to make Bahrain an ideal location for pioneering private sector projects.”

Developed and built by best-in-class partners and contractors, Al Dur uses cutting edge technologies that put the plant at the forefront of reliability, safety and environmental friendliness. “For water desalination, the plant is the first of its size in the Middle East to use Reverse Osmosis (RO), a technology that combines advanced technique with environmental preservation” said Mr. Phillip Cox Chief executive officer of International Power. This enables Al Dur to operate with maximum efficiency whilst simultaneously protecting the integrity of Bahrain’s natural environment at all times. The plant is fully compliant with World Bank standards for environmental emissions and the drinking water produced at Al Dur is to very exacting standards that meet or exceed World Health Organization (WHO) requirements.

The plant’s technology and design provide other unique features ensuring uninterrupted production and supply of power and water. Al Dur is capable of transferring automatically to liquid diesel fuel in the unforeseen event of gas supply disruption. It is also the only private power production facility in the Kingdom capable of independently restarting the national grid in the unlikely event of a nationwide black out.