Ex-Im Bank Approves Loan for Siemens Equipment

The U.S. Export-Import Bank's board of director of the United States has approved a US$638 million loan to finance the sale of gas and steam turbines made by Siemens in North Carolina for Saudi Arabia.

This is the second order for the Siemens’ Charlotte plant built specifically for manufacturing equipment for export. The order comprises 10 gas turbines, 18 gas turbine and steam turbine generators and ancillary equipment, according to a bank statement.

The turbines in this sale are part of an over US$2 billion project involving construction and operation of a 4,000-megawatt combined cycle, gas-fired power plant. The plant is located in Qurayyah on the eastern coast of the Kingdom of Saudi Arabia.

The borrower is Hajr for Electricity Production Company in Riyadh, Saudi Arabia. The project will sell capacity and energy under a 20-year power purchase agreement with Saudi Electricity Co. This is the second IPP Ex-Im Bank has financed in Saudi Arabia.