BRIEF: GE secures $1 bn in project financing for Sharjah\'s power plant

BRIEF: GE secures $1 bn in project financing for Sharjah's power plant

SECURING FINANCING FOR THE PROJECT WILL LEAD TO FIRST INDEPENDENT COMBINED CYCLE POWER PROJECT IN THE EMIRATE OF SHARJAHREUTERS  |  May 21, 2019, 12:12 IST
BRIEF: GE secures $1 bn in project financing for Sharjah's power plant * GE ENERGY FINANCIAL SERVICES, JAPAN'S SUMITOMO CORPORATION ALONG WITH SHIKOKU ELECTRIC POWER COMPANY AND SHARJAH ASSET MANAGEMENT HAVE CLOSED FINANCING FROM PRIVATE FINANCIAL INSTITUTIONS AND THE JAPAN BANK FOR INTERNATIONAL COOPERATION, JAPAN'S EXPORT CREDIT AGENCY, FOR GE'S 1.8 GIGAWATTS POWER PROJECT

* SECURING FINANCING FOR THE PROJECT WILL LEAD TO 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 BILLION