Korean and Saudi firms complete Jordanian power project financing

05 November 2009

Kexim provides guarantee on $97m loan funded by BNP Paribas and KfW

Korea Electric Power Corporation (Kepco) and Saudi Arabia’s Xenel Industries have completed financing for the $500m Al-Qatrana power project in Jordan.

The financing is broken down between $75m from the Islamic Development Bank, $47m from France’s Proparco and a $115m direct loan from the Export-Import Bank of Korea (Kexim).

Kexim has also provided a guarantee on a $97m loan being funded by France’s BNP Paribas and Germany’s KfW. The funding is split between a $318m loan and a $16m standby facility available if necessary. The remainder of the funding will be through equity.

The project involves building a 380MW gas-fired power plant on a 25-year build-own-operate (BOO) basis.

Jordan is seeking advisers for its next power project, a 400-500MW plant that will be built in Zarqa, near the Jordan Petroleum Refinery. The National Electric Power Company, the sponsor of the project, has prequalified 13 consultants to bid for the scheme. The bid deadline is 13 September (MEED 10:9:09).

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