UK Export Finance (UKEF) has supported US$117mn in financing for an Enka UK and General Electric (GE) consortium to deliver two power projects in Iraq.
UKEF has provided a guarantee to support the government of Iraq in its contract with the consortium.
This support will finance the early stages of construction of two GE-powered 750MW gas-fired power plants at Dhi Qar and Samawa in southern Iraq.
Once complete, the power plants will help to alleviate severe energy shortages in Iraq, supporting the country’s infrastructure development and energy security.
Further financing may follow to support additional UK procurement.
UKEF and UK department for international trade representatives in Iraq and Turkey are working closely with Enka UK and GE to source at least US$250mn-worth of goods and services from the UK to deliver the projects in coming months.