GE secures $1b in financing for Sharjah power plant

The power project is expected to be the most efficient power plant in the Middle East’s utilities sector on completion.
Updated 23 May 2019

GE secures $1b in financing for Sharjah power plant

Co-developers GE Energy Financial Services (GE EFS) and Japan’s Sumitomo Corporation along with Shikoku Electric Power Company and Sharjah Asset Management, the investment arm of the government of Sharjah, have closed financing from private financial institutions and the Japan Bank for International Cooperation (JBIC), Japan’s export credit agency, for GE’s flagship 1.8 gigawatts power project, Hamriyah Independent Power Company in Sharjah. Securing financing for the project will lead to the first independent combined cycle power project in the emirate, which is expected to be the most efficient power plant in the Middle East’s utilities sector on completion. 

Together, a consortium of banks and JBIC will co-finance the project for a total private-public co-financing amount of approximately $1 billion.

 GE EFS worked with multiple private financial institutions including Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank Limited, Norinchukin Bank, Société Générale S.A., Standard Chartered Bank and KfW-IPEX to secure financing, which will be partly insured by Nippon Export and Investment Insurance, a Japanese insurance corporation owned by the Japanese government. 

Susan Flanagan, GE EFS global power leader, said: “Sourcing financing from the public and private sectors to fund Sharjah’s first independent combined-cycle power plant demonstrates the region’s attractiveness for foreign investment and GE’s ability to connect global capital to significant infrastructure projects.” 

Norihiko Nonaka, general manager of Global Power Infrastructure Business Division, Sumitomo Corporation, said: “Sumitomo remains committed to supporting the continuing economic growth in the UAE through the delivery of reliable, cost-effective, clean and sustainable power from both our existing and new power infrastructure.”

ICD & We-Fi empower women entrepreneurs

Updated 13 min 21 sec ago

ICD & We-Fi empower women entrepreneurs

With the aim of discussing how the Islamic Corporation for the Development of the Private Sector (ICD) and the Women Entrepreneurs Finance Initiative (We-Fi) can expand their relationship and integrate the gender themes into ICD’s operations and businesses, a meeting was held between Ayman Amin Sejiny, CEO of ICD; Wendy Teleki, head of We-Fi secretariat; and Samir Suleymanov, director strategic initiatives, World Bank, at ICD’s premises in Jeddah recently. The parties discussed the development and promotion of women’s entrepreneurship through innovative sustainable solutions to increase women’s access to economic opportunities in developing countries. 

Teleki highlighted the main objectives of We-Fi, which is to support women entrepreneurs around the world through programs that provide financing, capacity building and also promote enabling environments that allow women to become entrepreneurs and grow their businesses. We-Fi uses an ecosystem approach to develop programs at the country level that will break down barriers and create more opportunities for women.

During the meeting, Ayman said: “ICD and We-Fi are working together to enhance their initiatives and mandates in supporting the female society in all ICD’s member countries. We want to ensure that our lines of finance and our relationship with the 102 directly connected financial institutions we are dealing with will further enhance the funding, training to women entrepreneurs and to provide the required necessary support to women in all our member countries.”

Teleki said that We-Fi has six implementing partners (IP) and the Islamic Development Bank (IsDB) is one of them. “IsDB, along with ICD is supporting women entrepreneurs in fragile countries. In Yemen, they have a very interesting ongoing program named BRAVE Women. They target to train up to 500 women to learn to develop business plans in fragile and high-risk contexts and up to 400 of them will get access to funding on a matching grant basis. This program aims also to develop the relationship between those women entrepreneurs with the local banks and also lead companies to make sure those women have access to finance and markets to grow their businesses. Moreover, the IsDB and ICD will be implementing soon this BRAVE Women program in two other countries to improve the women’s entrepreneurship potential in key economic sectors and we look forward to seeing those programs happening in future,” she said.

We-Fi is a global platform that seeks to support over a 100,000 women around the world in the next five years and mobilize at least $2 billion from the public and private sector for further activities.