Clifford Chance

Clifford Chance advises First Energy Bank, Bahrain Islamic Bank, Ibdar Capital and Bunyah GCC Infrastructure Fund on their sale in Al Dur Power and Water Company

Leading international law firm Clifford Chance has advised First Energy Bank, Bahrain Islamic Bank, Ibdar Capital and Bunyah GCC Infrastructure Fund on their successful sale, totalling approximately 20% equity interest, in Bahrain’s main power and water supplier, the Al Dur Power and Water Company (Al Dur). The acquirer is Kyuden International Corporation (KIC), the international business arm of Kyushu Electric Power Company, one of Japan’s leading power companies.

Al Dur is the principal ownership entity of the Al Dur Independent Power and Water Project (IWPP), a gas-fired greenfield power generation and seawater reverse osmosis desalination facility in the Kingdom of Bahrain. It has a net power capacity of 1,234 MW and 48 MIGD of water production capacity. Developed on a BOO (build, own and operate) basis, Al Dur is recognized as a key element of the privatization of Bahrain’s power and water sector, providing energy and water since entering commercial operation in 2012.

Th Clifford Chance team was led by partner Jason Mendens who comments: “We are very pleased to have worked with our clients and BDA Partners on this high profile, regional infrastructure services project. To secure this successful outcome for our clients, despite the challenges of the pandemic, is a testament to Clifford Chance's expertise in the region. We continue to see keen global interest in the region's strategic infrastructure assets. We are advising a number of investors and sellers of such assets and look forward to working on more transactions like this.”

Jason was assisted by senior associates Zahra Shahab and Rezwan Azam, and trainee Megan Hodges.

Ranked 1st for M&A in the Middle East and Africa by Mergermarket in 2020, Clifford Chance regularly advises on the region's most high profile, largest and innovative M&A transactions. Notable transactions include advising PIF on its US$69 billion sale of its stake in SABIC to Saudi Aramco; on AD Power's US$20 billion sale to TAQA; Al Khaliji Commercial Bank on its proposed merger with Masraf Al Rayan, the first ever public company statutory merger in Qatar; NCB on its US$223 billion merger with Samba; SABB on its US$70 billion merger with Al-Awwal Bank; and UNB on its US$114 billion merger with ADCB and Al Hilal Bank.