Two consortiums submitted bids on the project, led by Acwa Power and Suez respectively. The technical and commercial aspects of the bids were opened on 5 June.
Marubeni and International Power failed to submit bids for the project despite being shortlisted by the Bahraini government.
Acwa Power has financial support from Gulf International Bank and the South Korean export credit agency Kexim, while Suez is working with Calyon, Mashreqbank and Standard Chartered.
The project is expected to cost about $2bn to develop and is expected to come to the banking market for finance before the end of 2008.