Monday 28 January 2019

UK provides £770m for two new power stations in Iraq

The government is providing around $1.02 billion (£770m) for UK companies to build two new power stations in Iraq.

Up to $620 million (£471m) will support two contracts between GE and Iraq’s Ministry of Electricity to build two power stations in Samawa and Dhi Qar, located northwest of Basra.

It follows previous funding from UK Export Finance (UKEF) for the project – the additional financing will support the main construction phase of the project.

It is also providing $400 million (£304m) for GE’s Grid Solutions to develop 14 substations across Iraq.

The projects will help strengthen the energy infrastructure and address power shortages in the country.

Baroness Fairhead, Trade and Export Promotion Minister said: “The scale of these contracts illustrates the demand for British expertise in the utilities sector and the level of support the government can give to British businesses looking to make the most of similar opportunities across the globe.”