|
contents | news | |||||||||
| Mubadala Development and SNC-Lavalin chosen for the $ 900 million Algeria's project Abu Dhabi-based Mubadala Development Company has entered into a Joint Bidding Agreement (JBA) with SNC-Lavalin Inc., the preferred bidder for a project to build, own and operate a 1, 200 Megawatt power generation plant at Hadjret Ennous in western Algeria. The project's total value is estimated at $ 900 million (approximately AED 3.3 billion). Under the JBA, Mubadala Development and SNC-Lavalin will equally co- invest to own a 51% stake in the project company. The remaining 49% of the project company will be owned by Algerian Government entities. Meanwhile, Mubadala Development and SNC-Lavalin are in the process of acquiring a substantial stake in the newly built 800 Megawatt combined cycle power plant of Skikda, in eastern Algeria. It's being built by SNC-Lavalin, and is scheduled to be commissioned in the first quarter of 2006. Mubadala Development is a Public Joint Stock company, established and wholly owned by the Government of Abu Dhabi with a mission to invest in commercially-viable, strategic, industrial and commercial partnerships. International investments include the Italian luxury sport car maker Ferrari (5% stake), the Dutch fleet management giant LeasePlan Corporation (25% stake), and a stake in nine oil exploration blocks in Libya. write your comments about the article :: © 2005 Construction News :: home page |