A privatization agreement of Hidd Power and Water station was signed in Manama on Sunday, setting the winner bid at US$738 million and the total project value at US$1.25 billion. This includes the purchase price and expenses of the third phase of the construction project. The project includes the construction of a new associated desalination plant and the operation of the combined plant to provide electricity and potable water to the Ministry of Electricity and Water under a 20-year power and water purchase agreement.
The agreement on Sunday was signed by Bahrain's Finance Minister, Shaikh Ahmed bin Mohammed Al Khalifa and managers of International Power, Suez Energy International and Sumitomo Corporation. In a speech delivered by the Minister of Finance, he said that the Privatization of Hidd Energy and Water Station came within the framework of the privatization policy adopted by the government of Bahrain, BNA reported.