The rebid includes no change in the project scope. However, ADWEA has set certain conditions on the operations and management (O&M) package and stated that the equity bridge loan will be for 10 years.

‘The aim is to levelise the proposals so that the client can compare apples with apples. Once bids are in, ADWEA should be able to make a very quick selection, probably within days, as provided both submit compliant bids – which everyone expects – it will all be down to price,’ says a source close to the project.

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).