The five consortium companies include Al Rajhi International Investment; Al Khorayef Group Company (together operating under the name Saudi Masader) and Taiwan Power Company, Taiwan Cogeneration Company and Taiwan Water Corporation.
The Saudi Masader /Taiwan Consortium aims to present a competitive bid to the Water and Electricity Company (WEC) of Saudi Arabia for the Ras Az Zour project, the largest Independent Power and Water Project to be undertaken in Saudi Arabia. The Ras Az Zour IWPP project is the third IWPP being undertaken by WEC after successfully implementing Shuaibah and Shuqaiq IWPP.
Arab Bank, plc and AB Capital have been retained to advise the sponsors and structure a financing package acceptable in the Saudi, GCC and international financial markets.
It is anticipated that a large portion of the financial package will consist of Shariah compliance, Islamic financing structure complemented by financing supported by commercial banks under conventional financing structure as well as export credit agencies.
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