StanChart, GE close $600 million power finance deal
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Aimed at delivering more than two gigawatts of new power to Iraq, the ‘Power up Plan’ was part of the country’s rebuilding and modernization scheme, the parties said in a statement.
The financing agreement is the largest bespoke letter of credit confirmation and discounting transaction of its kind in the region.
Iraq’s government has been striving to close a gap between electricity demand and supply.
Reporting By Tom Arnold; Editing by Elaine Hardcastle