Addur picks preferred bidder
A team consisting of investment bank BNP Paribas, Freshfields Bruckhaus Derringer and UK-based Mott MacDonald has been named as the preferred bidder for the advisory contract on the independent water and power project (IWPP) at Addur.Four bank groups competed for the financial adviser role, including HSBC, Citibank and Calyon. BNP won despite offering a bid of $2 million, which was more than double that of the lowest bidder, HSBC (MEED 9:3:07). The same team of BNP, law firm Freshfields Bruckhaus Derringer and technical consultant Mott MacDonald advised on Bahrain's two previous IWPPs.Under the first phase of the scheme, Addur will have a 2,000-MW power plant and a 30 million-gallon-a-day desalination plant. However, that could rise after a clarification meeting with the Finance Ministry. 'The planned capacity of the IWPP will be reviewed and may lead to an increase,' says a project source.A request for proposals for the project is due to be issued to potential developers by the end of the year.The new plant will help meet power and water demand in the kingdom until 2020. Peak power demand is expected to rise by 15 per cent this year. A second phase of a similar size is planned to meet additional power and water demand from 2015 to 2020.The plant is expected to be gas-fired, although where the gas will be sourced from has yet to be finalised.
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