GE secures $1 billion financing for Sharjah power plant

• 5 years ago (2019-05-24)
• David Flin

Gas 393 Middle East 326

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GE has announced that $1 billion financing has been secured for the combined cycle 1.8 GW Hamriyah Independent Power Company in Sharjah. Co-developers GE Energy Financial Services (GE EFS) and Japan’s Sumitomo Corporation along with Shikoku Electric Power Company and Sharjah Asset Management, the investment arm of the Government of Sharjah, have closed financing from private financial institutions and the Japan Bank for International Cooperation (JBIC). This will lead to the first independent combined cycle power project in the emirate, which is expected to be the most efficient power plant in the Middle East’s utilities sector on completion.

GE EFS worked with multiple private financial institutions including: Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank Limited, Norinchukin Bank, Société Générale, Standard Chartered Bank, and KfW-IPEX to secure financing, which will be partly insured by Nippon Export and Investment Insurance, a Japanese insurance corporation owned by the Japanese Government.

Susan Flanagan, GE EFS global power leader, said: “Sourcing financing from the public and private sectors to fund Sharjah’s first independent combined-cycle power plant demonstrates the region’s attractiveness for foreign investment and GE’s ability to connect global capital to significant infrastructure projects.”