Through simplified and accessible digital procedures used to attract a larger base of local and international investors
MANAMA, Bahrain, Feb. 26, 2023 /PRNewswire/ -- The Electricity and Water Authority (EWA) has announced the forthcoming auction of the Sitra Power and Water Station site in collaboration with Mazad B.S.C, an auction supervisory company specialising in the sale of corporate assets and a subsidiary of the Bahrain Mumtalakat Holding Company (Mumtalakat). The bidding will begin at BD 10,200,000 and Arabian Auction will assist with the sale process which will run for three months; starting on the 23rd of February and concluding on the 23rd of May 2023.
Exterior shot - Bahrain’s Sitra Power and Water Station will be up for auction until the 23rd of May 2023
CEO of Mazad, Mr. Talal Al Araifi
Interior shot of 125 MW of electricity and 25 million gallons of desalinated water per day
Infographic on Sitra Power and Water Station Features
The site is a large facility and includes a number of structures and specialised equipment, including; six desalination distillers (with a processing capacity of up to 25 million gallons per day), six steam boilers, four 25 MW capacity steam turbines with generators, a 25 MW gas reductions, pumps of various sizes as well as a number of transformers, switches and electrical cables. The buyer will be responsible for dismantling all the station's equipment, including the turbines, and gas reductions. They will also commit to removing the structures and foundations of all production units and must provide the necessary tools and machinery needed to successfully execute the project.
Prior to the suspension of its services in February 2021, the station operated for over 40 years, during which a number of stations with increased capacity were founded. The station began operations in 1975, with its first phase producing 100 MW of electricity and 5 million gallons of distilled water per day. In 1984, site capacity was increased by 25 MW of electricity and 5 million gallons of distilled water. In 1985, the station's capacity was increased once again, with three distillers installed which increased the plant's daily production by 15 million gallons. This resulted in a peak production capacity of 125 MW of electricity and an average of 25 million gallons of desalinated water per day.
In keeping with EWA's wish to cultivate national infrastructure projects, the sale will contribute towards improving the quality and efficiency of government services through the foundation and development of new companies and the introduction of innovative solutions to enhance its services. The partnership also reflects Mazad's position as a leading company which oversees the organisation of public and online auctions in the Kingdom. In keeping with with Mumtalakat's strategy, Mazad continues to diversify its assets by partnering with ministries and government entities with a view to developing the local economy and fulfil the Kingdom's sustainability goals.
Commenting on its partnership with Mazad, EWA confirmed the plan for the sale and dismantling of the Sitra Power and Water Station after 40 years of production. Through this project, the Authority hopes to improve the quality, efficiency and effectiveness of government services and enable access to a larger base of investors supported by digital advantages including flexibility, integrity and simplicity.
Speaking on behalf of Mazad, Mr. Talal Al Araifi, the company's Chief Executive Officer said: "We are pleased to be partnering with the Electricity and Water Authority for the digital auction of the Sitra Power and Water Plant. Online auctions maintain transparency and fairness and create a competitive environment amongst investors as well as reaching a larger number of serious and flexible buyers."
He added: "At Mazad, we continue to work towards diversifying our assets through various auctions and through collaboration with ministries, government entities and institutions in Bahrain and abroad. In line with Mumtalakat's strategy we are committed to the helping the Kingdom realise its national goals and assist in the establishment of rules in order to achieve a sustainable national economy
Auction participants who wish to submit bids must formally register for the auction through www.arabian.auction or the Arabian Auction mobile app. Bidders wishing to tender a bid must upload the requisite documents for the EWA to review in order to assess the bidder's technical and project-based suitability required for preliminary approval. Auction participants will also have to pay an insurance fee prior to bidding.
For further inquiries, please contact Mazad at info@mazad.bh or by calling +973 37735995.
With an unwavering commitment to its core values of transparency, fairness, competitiveness and sustainability, Mazad strives to introduce new and innovative asset sale and auction mechanisms to aid the Kingdom's market growth and revenue optimization.
Since its establishment Mazad has successfully introduced special vehicle license plate numbers for sale in public auctions for the first time in Bahrain, and has continued to do so with great success. Subsequently, other assets were introduced for sale through auction ranging from vehicles to real estate projects.
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