BNP advises on Mapna conversion project

10 October 2003
BNP Paribas has been appointed financial adviser by Iran Power Plants Project Management Company (Mapna) on the scheme to convert existing single cycle power plants to combined cycle in eight cities.

The Eur 1,000 million ($1,176 million) financing will be done in two phases. The first phase will consist of a Eur 500 million ($583 million), 12-year export credit tranche and a seven-year, Eur 50 million ($59 million) commercial tranche. The estimated Eur 450 million ($529 million) second phase will also be a blend of Islamic and conventional finance, although the balance is yet to be decided.

South Korea's Doosan Heavy Industries & Construction Company was awarded the $260 million contract to supply and install 22 heat steam recovery generators in July (MEED 18:7:03). Germany's Siemens has the Eur 700 million ($792 million) contract to supply 22 gas turbines for the project (MEED 11:7:03).

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