Three bids were received for the EPC contract in February 2005 from a German JV of Siemens and Koch, Canada's SNC Lavalin and the Spanish/Polish JV, which is understood to have submitted the lowest bid for the project. Germany's MVV Energie is the technical consultant.

Kuwait-based Arab Fund for Economic & Social Development (AFESD) in February granted a $100 million loan for the construction of the plant. The loan has a tenor of 17 years, including a five-year grace period, and a margin of 4.5 per cent.

Additional financing has come from the European Investment Bank, which granted a $236 million loan in late November, and the Islamic Development Bank, which has contributed $102 million, according to PEEGT officials. Damascus will provide the rest of the funding.

A Siemens/Koch JV is working on the EPC contract to build the 750-MW combined cycle power plant at Deir Ali (MEED 2:12:05).