Aluminium Bahrain, one of the world's largest aluminium smelters ex-China, reached the financial close on its Power Station 5 Block 4 project. The virtual signing ceremony with Sinosure was held on Monday, November 14. The $225 million facility is supported by the China Export and Credit Insurance Corporation (SINOSURE), has a 15-year tenor, competitive interest rates, and the principal will be repaid over that time, plus a three-year grace period.
"Aluminium Bahrain B.S.C. (Alba), one of the world's largest aluminium smelters, has reached the financial close for its Block 4 of Power Station 5 (PS5) that will add 680.9 megawatts (MW), which once completed will increase the nameplate capacity of PS5from 1.8GW to more than 2.4 GW", said by the Chairman of Alba's Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa.
According to Shaikh Daij Bin Salman Bin Daij Al Khalifa, chairman of Alba, the project would add 680.9 megawatts (MW), increasing PS5's nameplate capacity from 1.8 GW to more than 2.4 GW once it is complete.
"We are very pleased to have relied on Sinosure, for the first time in Alba's history, to finance Block 4 of PS5 and we trust that this transaction will pave the way for future collaborations between Alba, SEPCOIII and Sinosure. We are also thankful to receive the backing from our banking partners - BNP Paribas our Global Coordinator Bank as well as HSBC and Citibank the Main Lead Arrangers - in this ECA-supported facility. One of our key initiatives under our ESG Roadmap, Block 4 will support the Company in its efforts to decarbonise in line with the Kingdom's goals to reach Net Zero Emissions by 2060 and reduce its overall GHG emissions by 0.5x once completed in Q4 2024," added Shaikh Daij Bin Salman Bin Daij Al Khalifa.
The virtual ceremony was joined by Mr Ali Al Baqali, the Chief Executive Officer of Alba, Chief Power Officer Mr Amin Sultan and Chief Financial Officer Mr Bryan Harris. Senior representatives from SEPCOIII, like its Vice President Mr Jie Li, and senior officials from Sinosure Shandong, including its President Mr Wei Shaomin, were some of the dignitaries present at the virtual ceremony.
Block 4's design, engineering, procurement, building, and commissioning are managed by a partnership between Mitsubishi Power and the Chinese contractor SepcoIII. Block 4 is anticipated to start operating commercially in Q4 2024.
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"As the only official ECA institution in China, Sinosure support Chinese contractors, to finance for the sponsors by providing buyer's credit insurance. The first time to cooperate with Alba is a best example. We're very honored to cooperate with Alba. We also sincerely hope that Sinosure Shandong Branch can establish long-term contact and communications with Alba, and fully participate in the financing for Alba's future projects, fulfill ESG duties, reduce carbon emissions, promote multi-field cooperation and make win-win achievements," said Sinosure Shandong Branch stated.
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