“The Bahraini government is keen to get this project moving quickly, so we expect to be working on documentation and structuring for the next four weeks, before getting ready to start marketing the deal in October,” says one banker close to the project.

Following this, a general syndication is expected to occur later in the third quarter of 2008.

Suez has received full underwriting from Calyon, Mashreqbank and Standard Chartered, while BNP Paribas is acting as financial adviser to the Bahraini government.

The project will have capacity of 1,250MW of power and 48 million gallons a day of desalinated water (MEED 15:8:08).