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GDF SUEZ and International Power have completed the sale of Bahrain's Hidd Power Company (HPC) to Malakoff International Ltd for US$113.4 million
Following HPC's divestment, Malaysia's Malakoff will hold a 40 per cent stake, GDF-International Power will hold a 30 per cent stake and Japan's Sumitomo Corp will own the remaining 30 per cent stake in the company.
The deal is in line with International Power's agreement to fulfill Bahrain's regulatory requirement to sell part of its interest in the country's power market following its take over by GDF SUEZ in February 2011.
"This partial sale of Hidd Power Co allows the International Power-GDF Suez entity to comply with the Kingdom's regulatory requirements," GDF Suez and Malakoff said in a joint statement.
The transaction also contributed $900 million to the GDF SUEZ's $16 billion portfolio optimisation programme, the company revealed.
The Al Hidd power plant has a total power generation capacity of 929 MW and can desalinate 90 MIGD of sea water.