Facebook Twitter Linkedin Youtube RSS
Eye of Dubai
 
Tuesday, June 18, 2019
Sign up for newsletter:
Advertise with us
℃ Dubai   
Close
| Register | Login
Username
Password
Image Verification
Refresh
Close
|
Business & Money NEWS
Business & Money is sponsored by:
Posted on: Monday 20 May, 2019 12:48 pm
GE Secures $1.0B in Project Financing for Sharjah’s First Independent Combined Cycle Power Plant
GE SUMITOMO and SEWA
GE SUMITOMO and SEWA

Co-developers GE Energy Financial Services (“GE EFS”) and Japan’s Sumitomo Corporation (“Sumitomo”) along with Shikoku Electric Power Company and Sharjah Asset Management (“SAM”), the investment arm of the Government of Sharjah, have closed financing from leading private financial institutions and the Japan Bank for International Cooperation (“JBIC”), Japan’s export credit agency (ECA), for GE’s flagship 1.8 gigawatts (GW) power project, Hamriyah Independent Power Company (“Project”), in Sharjah, United Arab Emirates (UAE). Securing financing for the Project will lead to the first independent combined cycle power project in the emirate of Sharjah, which is expected to be the most efficient power plant in the Middle East’s utilities sector on completion.  

 

Together, a consortium of banks and JBIC will co-finance the Project for a total private-public co-financing amount of approximately $1.0B. GE EFS worked with multiple private financial institutions including Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank Limited, Norinchukin Bank, Société Générale S.A., Standard Chartered Bank and KfW-IPEX to secure financing, which will be partly insured by Nippon Export and Investment Insurance (NEXI), a Japanese insurance corporation owned by the Japanese government. JBIC will provide a second tranche under its ‘Global Facility to Promote Quality Infrastructure Investment for Environmental Preservation and Sustainable Growth’ (“QI-ESG”), a new initiative launched by the government of Japan in summer 2018 to promote infrastructure development projects that are expected to contribute to global environmental protection.

 

Simultaneously, the co-developers have formed an equity consortium for the Project with Shikoku Electric Power Company and SAM. The consortium’s role will be to build, own and operate the Project, which will consist of three combined cycle blocks, the first of which is planned to come online in 2021. The Project is expected to reach full commercial operations by the summer of 2023 and will sell its electricity production to SEWA under a 25-year Power Purchase Agreement (PPA).

 

Susan Flanagan, GE Energy Financial Services’ 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. We are proud to partner with Sumitomo to deliver sustainable energy that utilises GE’s state-of-the-art gas turbine technology and financial expertise.”

 

Norihiko Nonaka, General Manager of Global Power Infrastructure Business Division, Sumitomo Corporation, said: “Sumitomo remains committed to supporting the continuing economic growth in the United Arab Emirates through the delivery of reliable, cost effective, clean and sustainable power from both our existing and new power infrastructure.”

 

GE will supply three 9HA gas turbines, three steam turbines, six generators, three heat recovery steam generators (HRSG) and turnkey engineering, procurement and construction (EPC) services for its flagship power plant in Sharjah. GE will also provide parts, repairs and maintenance services for the power generation assets at the site for a period of 25 years.

 

Joseph Anis, President & CEO of GE’s Gas Power Systems and Power Services businesses in the Middle East and South Asia, said: “GE has contributed to the growth of the Gulf Cooperation Council’s (GCC’s) power sector for over 80 years and GE-built technologies generate up to 60 percent of Sharjah’s electricity today. This project is another major milestone in our ongoing collaboration with SEWA and we are honoured to provide technological and financial solutions that support the vision of a sustainable, secure energy future for the people of Sharjah.”

 

GE’s HA heavy-duty gas turbine is the world’s largest and most efficient.  The record-breaking efficiency offered by three of GE’s HA in combined cycle operation will help SEWA reduce carbon dioxide emissions by up to four million tons per year, compared to current levels. This is the equivalent of taking one million cars off the UAE’s roads, substantially reducing the environmental impact of power production in the emirate of Sharjah.

 

The agreement builds on a history of strong collaboration between GE and SEWA. GE has been at the forefront of bringing industry-leading solutions to support the development of the power sector in the emirate and across the region.


Print this Article
comments powered by Disqus
Eyeofdubai Autos
Jobs
Realestate
Book Hotels
Our Sponsors
  • Mobily
  • Emirates Airline
  • Saudi Arabian General Investment Authority
  • Alsorayai Group
  • Emaar
  • HP
  • Council of Saudi Chambers
  • Lomar
  • SAUDIA AIRLINES
  • Emirates NBD
  • du
  • Dubai Chamber
  • Dubai Tourism
  • Microsoft
  • Riyadh Chamber of Commerce
Eye Of Dubai
Islamic Date Converter Close
Gregorian Calender
Month Day Year
Hijri/Islamic Calender
Month Day Year
Day of the Week:

World Time Close
Unit Converter Close
Kindly select the desired Values & Units:
Convert
 
Forgot Your Password Close
We will send an email to your inbox to clear things up
Username or Email
* Mandatory fields / Error alert
Submit
Track Shipments Online Close
Enter Aramex AWB number
Enter DHL AWB number
Enter Fedex AWB number
Enter TNT AWB number
Enter UPS AWB number
Daily Newspaper Close
www.emaratalyoum.com/
www.albayan.ae/
www.khaleejtimes.com/
www.alittihad.ae/
www.gulfnews.com
www.thenational.ae/
www.alroeya.ae/
www.emirates247.com/
www.alkhaleej.ae/
www.gulftoday.ae/