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$26m Instrata push.

MANAMA: Bahrain-based Instrata Capital has joined a leading consortium of investors in the Al Dur Independent Water and Power Project, with an investment of $26.4 million.

This is equal to a five per cent stake.

The Al Dur project is a greenfield 1,234 MW combined cycle power plant, which is being financed by 75 per cent debt and 25pc equity.

The total value of the project is $2.2 billion, and its financing is a significant accomplishment considering the current state of the global economy.

Work began on the Al Dur power plant at the end of August last year, and is presently on target with regards to completion dates with full capacity due to be achieved in the summer of 2011.

"We are delighted to be part of this prestigious Al Dur (IWPP) consortium," said Instra capital managing director Khalid Alshakrani.

" Our vision at Instrata Capital is to grow our assets under management while at the same time supporting economic growth and contributing towards improving the quality of life in Bahrain and beyond.

"Our investment in Al Dur is an important addition to our portfolio and one of the most significant energy projects in Bahrain, which will help meet the country's continually increasing demand for electricity and water.

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Publication:Gulf Daily News (Manama, Bahrain)
Date:Nov 10, 2009
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