The 12 October selection came a week after Marafiq received final proposals from the three bidders for the estimated $3,000 million-3,500 million project. The Marafiq project is one of two IWPPs close to award in the kingdom: the other is the Shuqaiq scheme, being handled by Water & Electricity Company (WEC MEED 4:8:06; 28:4:06).Under the proposed Marafiq schedule, the key project agreements, including the 20-year power and water purchase agreement (PWPA), are due to be signed in mid-December, with financial close targeted for the end of March. Full plant commissioning is scheduled for late 2009. No details have been given about the revised tariffs offered by the selected developer team. In the original tender, the Suez-led team was the clear low bidder, offering a levelised power tariff of SR 0.057 ($0.015) a kilowatt hour and a desalination tariff of SR 3.10 ($0.80) a cubic metre. The developer team has proposed a gas-fired co-generation plant with generating capacity of 2,748 MW and desalination capacity of 760,000-800,000 cubic metres a day, equivalent to 167 million-176 million gallons a day (g/d). The group is supported by an engineering, procurement and construction (EPC) team of the US’ GE Power Systems, South Korea’s Hyundai Heavy Industries (HHI) and France’s Sidem, with GE responsible for the power island, HHI for the balance of plant and civils, and Sidem for the multi-effect distillation (MED) plant. Its bank group is led by BNP Paribas and includes Gulf International Bank and Samba Financial Group. The developer group will take a 60 per cent share in the new project company, with each member holding an equal stake. The remaining 40 per cent will be held by local investors. A formal selection is also close at WEC for the Shuqaiq IWPP. A developer group led by ACWAPower and including GIC and Japan’s Mitsubishi Corporation has been conditionally ranked as the first bidder, while final clarifications are conducted. The project involves the construction of an oil- fired plant with capacity of 850 MW and 47 million g/d (MEED 4:8:06).