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SACE (CDP Group) completes financing in support of the Italian division of Baker Hughes, a GE company’s supply of power generation equipment to Iraq
SACE, which with SIMEST forms the Italian export and internationalization Hub of the CDP Group, has finalized a financing worth $190 million to support contracts awarded to Nuovo Pignone (Italian division of Baker Hughes, a GE company) in 2016 as part of a larger project promoted by the Iraqi Government to revamp two power stations in Iraq.
This marks the successful financial close of the loan, issued by a pool of international banks and guaranteed by SACE, with the reinsurance of UK Export Finance, the UK’s export credit agency, on a portion of the financing. As part of the equipment order, BHGE exported 12 Frame 5 turbines to the Hilla Power Plant and Baghdad South 2 Gas Power Plant. Thanks to innovative and robust technology, the equipment will ensure reliable energy production of the plants and maximize efficiency over time.
The project is part of a broader energy efficiency plan of the Iraqi government and aims to strengthen infrastructure and meet the energy needs of the country by increasing the production of electricity by 2 gigawatts.
Iraq is facing a delicate phase of political and economic transition and reconstruction that, thanks to the inflow of international investments, offers companies opportunities in various sectors, including infrastructure. Through this initiative, the SACE SIMEST Hub is confirming its commitment to support Italian excellence around the globe, even in a complex market like Iraq, where insurance and financing solutions to mitigate risks are essential.
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