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.
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.
The facilities include a dual tranche of $310 million and $334.4m SERV Guaranteed Export Credit, and $53.1m Euler Herms Guaranteed Export Credit.
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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).
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.
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.”
“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.”
JPMorgan Chase Bank is acting as the ECA coordinator to assist Alba in arranging the ECA facilities.
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