$375m Financing Deal for Power Sector

By John Lee.

Dimitris Tsitsiragos, the Vice President of the World Bank‘s private sector investment arm, told Reuters on Thursday that the bank had arranged $375 million in financing for an Iraqi power company.

The International Finance Corporation (IFC) will provide a debt and equity package of $250 million, with another $125 million from Lebanon’s Bank Audi.

Mass Global Energy Sulimaniya will use the financing to add 500 megawatts of capacity to a 1,000-megawatt power plant (pictured) in Kurdistan, providing power to 3 million people.

It will also help complete a new power plant near Baghdad that will supply about half of the Iraqi capital’s electricity requirements.

(Source: Reuters)