Bidders will also be required to bring on board a minimum of one international bank and a maximum of two local banks. In a further financing innovation, an initial public offering (IPO) of up to 49 per cent of the developer’s 60 per cent stake in the project company will be contemplated and allowed after completion. Bids for the 850-MW, 47 million-gallon-a-day (g/d) project are due on 30 July, with financial close targeted by the end of May 2007. A pre-bid conference was held in Riyadh on 20 February.

The next scheme to come to market in the Water & Electricity Company (WEC) programme will be the Ras al-Zour IWPP, with a request for proposals (RFP) due to be issued early in the fourth quarter. The planned capacity of the plant has been increased to 3,000 MW and 227 million g/d.