GE Global Services UK has secured a contract with the help of UK Export Finance (UKEF) to upgrade and repair existing turbines across ten power generation sites in Iraq.
The project is the second initiative to be executed under a memorandum of understanding (MoU) signed last year between the UK and Iraq Governments that saw UKEF pledge a commitment to support Iraq’s infrastructure development.
The latest wind turbine project will sustain an aggregate generating capacity of 6.5GW and is set to deliver power to millions of homes across Iraq.
UK Minister of State for Trade and Export Promotion Baroness Fairhead said: “This project demonstrates the UK’s commitment to supporting Iraq’s continued economic development, and through government support, we are laying the groundwork for future UK-Iraq trade.”
Pursuant to the contracts, GE Global Services UK will deploy advanced gas path (AGP) solutions and controls software to improve gas turbine performance.
In addition, the technology is expected to allow power plants in the Baghdad, Karbala, Kadisiyah, Babil, Najaf and Basrah regions to operate more dynamically.
The Government of Iraq’s project will receive a funding of $210.8m from a syndicate comprising UKEF and the Swiss export credit agency SERV.
Of the total funding, UKEF will offer $105.4m as a direct loan, while the remaining amount will be provided in the form of a guarantee on a loan from JP Morgan Chase.
GE Global Service UK has been contracted to deliver services from 2017 to 2019.