GE Iraq power programme reaches financial close

Iraq’s Ministry of Finance, US-based GE and financial partners have reached financial close for the Power Up Plan 4 (PUP4), which will increase the availability of reliable power generation across Iraq

Iraq’s Ministry of Finance, US-based GE and financial partners have reached financial close for the Power Up Plan 4 (PUP4), which will increase the availability of reliable power generation across Iraq.

Part of the financing has been secured through the Etihad Credit Insurance (ECI) with services due to be exported from GE’s facilities in the UAE. In addition to export credit agencies (ECAS), commercial banks and other financial institutions will provide loans for the programme.

“Etihad Credit Insurance is committed to delivering the vision of the UAE’s leadership to drive sustainable and diversified economic development. As part of these efforts, we are honored to extend our support to finance a project in Iraq for the first time, a strong statement on the regional partnerships that we continue to build. We look forward to continue evaluating opportunities for future partnerships in Iraq,” said Massimo Falcioni, CEO of ECI.

Under the PUP 4, 20 gas turbines at power plants in Qudus, Khairat, Baghdad South, Hilla, Haidariya and Karbala will be returned to service. The programme will improve the supply of power for up to 2.7GW of capacity across the sites.