SembCorp was the highest bidder at $1,343 million for the IWPP when proposals were submitted by developers in mid-November, followed by Suez Tractebel at $1,338 million. Two other developer groups submitted bids.

The successful bidder will take a 40 per cent stake in a new project company which will acquire the existing 662-MW, 100 million-gallon-a-day co-generation plant and expand it on a build-own-operate (BOO) basis by 225 MW.

The advisory team on Fujairah consists of Germany’s Fichtner (technical), HSBC (financial), White & Case (international, legal) and the local Simmons & Simmons (legal).