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Aluminium Bahrain (Alba), owner of one of the world’s largest aluminum smelters has achieved financial closure for its Power Station 5 Block 4 project.
The facility is made up of $225 million China Export and Credit Insurance Corporation (SINOSURE) supported-facility with a 15-year tenor and a competitive interest rate wherein the principal amount will be repaid over a 15-year period including a three-year grace period.
The PS5 Block 4 project is a proposed expansion of the existing gas-fired PS5 within the Alba complex in Manama, Bahrain.
The project will add 680.9 megawatts (MW), which once completed will increase the nameplate capacity of PS5 from 1.8GW to more than 2.4 GW, said Alba's Chairman Shaikh Daij Bin Salman Bin Daij Al Khalifa, on Monday,
A consortium of Mitsubishi Power and Chinese contractor SepcoIII are handling the design, engineering, procurement, construction and commissioning of Block 4, which expected to begin commercial operations in Q4 2024.
Alba is majority-owned by the Bahraini government through state fund Mumtalakat.
(Reporting by Brinda Darasha; editing by Seban Scaria)
