BDA Advises Consortium on Sale of Stake in Al Dur Power & Water to Kyushu

Electric

New York, NY September 02, 2021 --(PR.com)-- BDA Partners is pleased to announce that its clients,
First Energy Bank, Bahrain Islamic Bank, Ibdar Capital and Bunyah GCC Infrastructure Fund, have
successfully sold their respective ownership positions, totalling 20% equity interest, in Bahrain’s main
power and water supplier, the Al Dur Power and Water Company (“Al Dur”). The acquirer is Kyuden
International Corporation (“KIC”), the overseas business arm of Kyushu Electric Power Company, one of
Japan’s leading power companies. BDA was the exclusive financial advisor to the selling shareholders.
Terms were not disclosed.

Mohammed Al Khan, Vice President, First Energy Bank, said: “We are very pleased to welcome one of
the largest Japanese energy groups to the Kingdom of Bahrain. This is a landmark transaction for us as
key investors in Al Dur since its inception to be the leading power plant and key strategic asset of
Bahrain. We are very confident that KIC will be the ideal partner for Al Dur. This is one of the most
significant cross-border transactions in Bahrain and reinforces the Kingdom's attractiveness for foreign
investors.”

Nabeel Kazerooni of Arqaam Capital Limited, the Investment Manager of the Bunyah GCC Infrastructure
Fund, commented: “I would like to express my gratitude to all of the people involved in this complex
cross-border transaction as well as to the Government of Bahrain. As an investment manager, we are
confident that KIC will bring additional value to the Al Dur facility and to the overall utility sector in
Bahrain. This milestone also marks a significant distribution event for Bunyah’s investors.”

Mark Webster, Partner and Head of Services, BDA Partners, said: “We are delighted to have secured a
successful outcome for our clients in this high profile regional infrastructure services project. Despite the
challenges of the pandemic, BDA executed a global process to secure the right counterparty and delivered
a closed transaction. We’re happy to help connect Japan and Bahrain more closely. As the new
shareholder, KIC clearly has the attributes to be a valuable strategic partner to Al Dur and its owners in
the years ahead. We wish them well.”

Ahmed Al Balooshi, Senior Advisor – Middle East, BDA Partners, remarked: “This is a notable
transaction - for BDA, our clients and also the Kingdom of Bahrain. It demonstrates global interest in
strategic assets both here and in the wider Gulf region. We expect more investors, particularly Asian
infrastructure players, to consider the Gulf as an attractive destination for their international
diversification strategy. We look forward to BDA facilitating more transactions like this in future.”

BDA Deal Team

Mark Webster, Partner, Head of Services, Singapore
Jeff Acton, Partner, Tokyo
Ahmed Al Balooshi, Senior Advisor – Middle East, Bahrain
Jakub Widzyk, Director, Hong Kong
Hikaru Murase, Associate, Tokyo

Page 1 of 4
PR.com Press Release Distribution Terms
About Al Dur Power and Water Company
Al Dur Power and Water Company is the principal ownership entity of the Al Dur Independent Power
Plant, a US$2.2bn gas-fired greenfield power generation and seawater reverse osmosis desalination
facility in the Kingdom of Bahrain. It has a net power capacity of 1,234 MW and 48 MIGD of water
production capacity. Developed on a BOO (build, own and operate) basis, Al Dur is recognized as a key
element of the privatization of Bahrain’s power and water sector, providing energy and water since
entering commercial operation in 2012. The current off-take arrangement with the Bahraini authorities is
contracted to run until 2036.

About First Energy Bank

First Energy Bank (“FEB”) is a wholesale Islamic bank, headquartered in the Kingdom of Bahrain.
Established in 2008, FEB acts as a financial partner in project development, joint ventures, mergers and
acquisitions, and the purchase of assets and asset portfolios. www.1stenergybank.com

About Bahrain Islamic Bank

Bahrain Islamic Bank (“BisB”) is an Islamic retail bank licensed by the Central Bank of Bahrain and is
the first Islamic bank in Bahrain and the fourth in the GCC. It has played a pivotal role in the
development of the Islamic banking industry and the Kingdom’s economy, and is listed on the Bahrain
Bourse. BisB has established itself as the leading provider of Sharia-compliant integrated financial
solutions in Bahrain. www.bisb.com

About Ibdar Capital

Ibdar Capital is a Sharia-compliant investment company based in the Kingdom of Bahrain. The company
is focused on alternative investments, primarily Private Equity, International Real Estate, and Aircraft
Leasing. www.ibdarcapital.com

About Bunyah GCC Infrastructure Fund (Bunyah)

Managed by Arqaam Capital Limited (regulated by the DFSA), Bunyah was set up in 2008 to focus on
investing in minority stakes in the greenfield and brownfield infrastructure assets in the GCC region.
Bunyah is currently in the exit phase of its portfolio investments.

About KIC
KIC is the international business arm of Kyushu Electric Power Company (“Kyushu Electric”), one of the
largest regional utility companies in Japan with US$20bn revenues. Kyushu Electric supplies power and
gas to customers mainly in the Kyushu region. Kyushu Electric has almost 70 years of corporate history
and, with its subsidiaries and affiliated companies, (“Kyuden Group”), owns and operates generation,
transmission and distribution facilities. KIC owns interests in multiple Independent Power Producer
assets overseas, including the Taweelah B IWPP project in the United Arab Emirates. Following the
acquisition of its stake in Al Dur, Kyuden Group has accumulated equity ownership of 2,675 MW in
electricity generation projects outside of Japan. www.kyuden-intl.co.jp/en/

About BDA
BDA Partners is the global investment banking advisor for Asia. We are a premium provider of

Page 2 of 4
PR.com Press Release Distribution Terms
Asia-related advice to sophisticated clients globally, with nearly 25 years’ experience advising on
cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in
New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore,
Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals,
Consumer & Retail, Health, Industrials, Services and Technology sectors. We work relentlessly to earn
our clients’ trust by delivering insightful advice and outstanding outcomes.

BDA Partners has strategic partnerships with William Blair, a premier global investment banking
business, and with DBJ (Development Bank of Japan), a Japanese government-owned bank with
US$150bn of assets. www.bdapartners.com

Page 3 of 4
PR.com Press Release Distribution Terms
Contact Information:
BDA Partners
Euan Rellie
212-265-5300
Contact via Email
www.bdapartners.com

Online Version of Press Release:

https://www.pr.com/press-release/843902

Page 4 of 4
PR.com Press Release Distribution Terms