17 APRIL 2017AlCircle.com
Alba secures $700m from ECA for Line 6 Expansion Project
Edited by : Heena Iqbal
2 min read
<p>Aluminium Bahrain (Alba), one of the largest and modern aluminium smelters in the world, has secured commitments of $700 million from Export Credit Agency (ECA) supported facilities to finance Line 6 Expansion Project. The Line 6 Expansion Project is expected to start production by 2019.</p>
<p><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/Alba%20Chairman%20-%20Sheikh%20Daij%20Bin%20Salman%20Bin%20Daij%20Al%20Khalifa.jpg" alt="news" width="317" height="226" /></p>
<p>The Project is one of the company’s largest brownfield developments in the region. The project is expected to boost the smelter’s per-annum production by 540,000 tonnes, bringing company’s total production capacity to around 1.5 million tonnes per annum.</p>
<p>The facilities include a dual tranche of $310 million and $334.4m SERV Guaranteed Export Credit, and $53.1m Euler Herms Guaranteed Export Credit. </p>
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<p>The SERV-backed facility will fund the Company’s Power Station 5 (PS5) wherein General Electric (GE), EPC contractor, will provide three 9HA gas turbines, three steam turbines and three heat recovery steam generators (HRSGs).</p>
<p>The Hermes-backed facility will fund the Power Distribution Systems (PDS) where Siemens will construct and commission High Voltage electrical network and provide Gas Insulated Switchgear (GIS) up to 220kV. </p>
<p>Alba’s Chairman of Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said: “Securing the Export Credit Financing for Power Station 5 and Power Distribution System is a strong vote of confidence in Line 6 Expansion Project.”</p>
<p>“We look forward to work with the Swiss and German Governments as well as with GE and Siemens to progress with Line 6 as per schedule.”</p>
<p>JPMorgan Chase Bank is acting as the ECA coordinator to assist Alba in arranging the ECA facilities. </p>
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