UKEF in US$117m financing for gas power plants in Iraq

News | 9 August 2017


General Electric (GE) and Enka UK, a Turkish engineering and construction company,  have secured US$117m in financing from UK Export Finance (UKEF) for the construction of two power plants in Iraq.

The financing will support the early stage construction of two GE-powered 750-megawatt gas-fired power plants in Dhi Qar and Samawa, in southern Iraq.

UKEF has said further financing could be made available “to support addition UK procurement”.

“The closing of this facility supports the construction of these two new power plants and GE’s commitment in Iraq. UK Export Finance and the Department for International Trade in Iraq have been instrumental in helping us achieve this critical milestone,” said Guto Davies, head of ECA financing, global capital advisory, GE Energy Financial Services.

UKEF, Enka UK and GE are also working on ways to source “at least US$250m worth of goods and services from the UK to deliver the projects in coming months”, the export credit agency said.

Yavuz Akturk, Director at Enka UK said, “It would not have been possible for us to enter into these projects with GE without their [UKEF’s] support. These projects will help the people in the country by increasing the electrification rate while providing great opportunities for UK exporters of goods and services to participate in these transformational projects in Iraq.”

Greg Hands MP, UK Minister for International Trade, added, “Construction of the projects also presents huge – and hugely exciting – opportunities for UK exporters, and clearly demonstrates the UK’s leadership in the energy sector.”

Give Feedback