Qaiwan secures $105m Loans for Iraq Power Plant

By John Lee.

Kurdistan’s Qaiwan Group has secured two loans totalling $105 million to refinance part of the firm’s investment in the 442-MW Bazian Power Plant (pictured).

According to a report from Trade Arabia, Deutsche Bank has arranged an eight-year $75-million buyer credit, along with the Dubai branch of Lebanon’s Bankmed.

The finance is being backed by Coface, the French government’s export credit agency.

GE has arranged a five-year, $30-million commercial loan.

Dubai-based CT&F Consulting DMCC acted as financial advisor to Qaiwan Group on the entire financing.

The Bazian Combined Cycle Power Plant Project is located between Chamchamal and Sulaymaniyah, Iraq in the Sulaymaniyah Province.

(Sources: Trade Arabia, GTR)

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