In August 2021, SAYACORP B.S.C (c) successfully exited its 9% shareholding in Al Dur Power and Water Company (Al Dur), Kingdom of Bahrain through a sale to Kyuden International Cooperation (KIC) which is part of Kyushu Electric, one of the largest regional utility companies in Japan. KIC ultimately acquired a 20% stake in Al Dur which includes other regional investors.
SAYACORP B.S.C (c) initially invested in Al Dur during the construction phase in July 2009. Al Dur is a US$ 2.2 billion (leveraged by approximately US$ 1.7 billion) gas-fired power generation and seawater reverse osmosis desalination plant (net power capacity of 1,234 MW and 48 MIGD of water production capacity) in the Kingdom of Bahrain. Al Dur signed a Power and Water Purchase Agreement (“PWPA”) with the Electricity and Water Authority of Bahrain (“EWA”) to provide available capacity and energy/water production for 25 years up to 2037. Its strategic partners include Engie and Gulf Investment Corporation. With annual revenues of approximately US$ 350 million, Al Dur has been operating exceptionally and it is the largest and most cost-efficient plant in the Kingdom of Bahrain.