Bapco Energies, the integrated energy company leading the energy transition in Bahrain, announced the closing of a financial deal of $500 million with the United States Export-Import Bank (US EXIM).
The secured financing will be utilised to expand operations at the Bahrain Field Expansion and Development Programme located in the southern area of the kingdom.
By investing in the Bahrain field, Bapco Energies is contributing to the energy security of Bahrain.
Commenting on the transaction, Bapco Energies Group chief executive Mark Thomas said: “We are delighted to partner with US EXIM on this significant transaction. This strategic partnership underscores Bapco Energies’ ability to source financing from world-class organisations like US EXIM.”
Mr Thomas added: “As we are leading the energy transition in Bahrain under the guidance of our chairman Shaikh Nasser bin Hamad Al Khalifa, His Majesty the King’s representative for humanitarian work and youth affairs, Bapco Energies will continue to invest in enhancing the national energy infrastructure to meet future energy demands.”
JP Morgan Chase & Co acted as the mandated lead arranger and disbursement agent on the transaction that was funded through the Private Export Funding Corporation (PEFCO).
A rigorous feasibility study was conducted in line with US EXIM’s environmental and social procedures, demonstrating its viability and alignment with the bank’s lending criteria.
This further solidifies the project’s potential to deliver significant environmental and social benefits to Bahrain while meeting the country’s energy demands.
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