Kurdistan-based Qaiwan Group secured two loans worth $105m to refinance part of the firm’s investment in the 442MW Bazian Power Plant.
With Deutsche Bank as the mandated lead arranger (MLA) and Dubai-based Bankmed as co-MLA and co-lender, the finance is being backed by the French government’s Export Credit Agency Coface. GE, too, has arranged a five-year, $30m commercial loan. Dubai-based CT&F Consulting DMCC acted as financial advisor to Qaiwan Group on the entire financing.
Saad Hasan, CEO of Qaiwan Group, said: “This plant is a marquee infrastructure project that will go a long way in addressing the growing demand for power in a rapidly developing Kurdistan.”
Qaiwan entered into a 15-year Power Purchase Agreement with the Ministry of Electricity of the Kurdistan Regional Government on 24 November 2013 to finance, build, own, operate and maintain a power plant in Sulaymaniyah.