The plant has a total capacity of 929MW and 90 MIGD of water desalination.
This transaction is in line with International Power’s agreement to sell down part of its interest in the Bahraini power market to comply with regulatory requirements following the combination with GDF SUEZ Energy International in February 2011. In addition to regulatory compliance, this transaction also contributes €0.6 billion to the GDF SUEZ €10 billion portfolio optimisation programme.
Following this sale, International Power will continue to own 30% of HPC, which will now be accounted for under the equity method as an associate with its net debt (of €538 million as at 31 March 2012) not included within the Group net debt. As at 31 December 2011, HPC was an asset held for sale and therefore its net debt was not consolidated.
In 2006, HPC was sold by the Government of Bahrain, via a public tender, to a consortium of International Power (40%), GDF SUEZ Energy International (30%) and Sumitomo Corporation (30%). An exchange rate of €1:USD 1.294 has been used in this announcement.
About International Power
International Power plc (iprplc-gdfsuez.com) is a leading independent electricity generating company with 75,579MW gross (43,288MW net) in operation and a significant programme of 12,820MW gross (5,868MW net) projects under construction as at 31 December 2011. International Power is present in 30 countries across six regions worldwide. Together with power generation, the Group is also active in closely linked businesses including downstream LNG, gas distribution, desalination and retail. International Power is listed on the London Stock Exchange with ticker symbol IPR. GDF SUEZ holds a 70% interest in International Power plc.
Sally Hogan - T: +44 (0)20 7320 8678
Investor relations contact:
Aarti Singhal - T: +44 (0)20 7320 8681
About GDF SUEZ
GDF SUEZ develops its businesses (electricity, natural gas, services) around a model based on responsible growth to take up today’s major energy and environmental challenges: meeting energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources.
The Group provides highly efficient and innovative solutions to individuals, cities and businesses by relying on diversified gas-supply sources, flexible and low-emission power generation as well as unique expertise in four key sectors: liquefied natural gas, energy efficiency services, independent power production and environmental services.
GDF SUEZ employs 218,900 people worldwide and achieved revenues of €90.7 billion in 2011. The Group is listed on the Paris, Brussels and Luxembourg stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Stoxx 50, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, ASPI Eurozone and ECPI Ethical Index EMU.
Investor relations contact:
T: +33 (0)1 44 22 66 29 - E: ir[.]gdfsuez.com.