Calyon played a key role in the financing of the Al Dur project in Bahrain and in the structuring of the interest risk hedgings. 

The project represents an investment of USD 2,1 billion and the financing of USD 1,6 billion was closed on August 4, 2009.

Calyon acted as global coordination and documentation bank, original mandated lead arranger, joint bookrunner, ECA coordination and documentation bank, international facility agent, offshore security trustee,  KEIC-covered facility agent and hedging bank. In addition, the Saudi bank Banque Saudi Fransi (BSF), which is 31,1% owned by Calyon, took part in the Islamic financing.

The project is developed by a consortium made up of GDF Suez Energy International and Gulf Investment Corporation (GIC). It involves the construction and operation of a power and desalination plant in the Kingdom of Bahrain. Completion of the unit is planned for June 2011.

This deal strengthens the already well-established commercial relationship between Calyon and GDF Suez. It also confirms Calyon's position as a leader in the area of project finance.

It was made possible thanks to the cooperation of various teams: the Power EMEAEurope, the Middle East and Africa team within Natural Resources, Infrastructure & Power department for the origination and structuring of the project finance, International Client Coverage, Global Loan Syndication, Capital Markets, Export Finance, Islamic Banking, Agency, Calyon in Seoul and Banque Saudi Fransi.