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Siemens (SI) Supports Power Projects In Bangladesh With Financing



3/20/2017 9:32:13 AM

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Singapore, 2017-Mar-20

Siemens supplies key components and long-term service for Sirajganj III combined cycle power plant

Financial Services division provides up to USD80 million construction loan

Siemens Power and Gas (PG) Division recently received an order for the supply of key components for the Sirajganj III combined cycle power plant in Bangladesh providing a SGT5-2000E gas turbine and generator, as well as a long-term service contract for the project. Siemens' Financial Services Division (SFS) is contributing an up to USD80 million construction loan to support the project's successful and timely close. SFS is undertaking a primary/Mandated Lead Arranger (MLA) role in the transaction which is considered vital to the project's success. In addition, SFS demonstrated strong project support acting as one of only two international lenders participating in the Sinosure tranche. Sinosure is the national export agency of The Peoples Republic of China and provides export coverage to lenders to support long term lending in Bangladesh.

"Playing a more visible role in key Siemens transactions – such as Sirajganj III – helps demonstrate our commitment not only to our technology, but also to a market with further growth potential for Siemens," Anton Conradie, head of the AA debt SFS Energy Finance business in Asia. "This type of transaction is the very first of its kind for the SFS division and paves the way for future financings involving Chinese contactors installing Siemens gas turbine technology."

With only about 50 percent of Bangladesh's inhabitants having access to electrical energy, Siemens is supporting the country's expansion of its national power plant capacity by providing sustainable power plant solutions along with the financing necessary to help such projects become a reality.

Sirajganj III is the third project to benefit from SFS' capital support, underscoring Siemens' overall commitment to helping Bangladesh gain more access to electricity for its citizens.

For further information on the Financial Services Division, please see www.siemens.com/finance.

Siemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for more than 165 years. The company is active in more than 200 countries, focusing on the areas of electrification, automation and digitalization. One of the world's largest producers of energy-efficient, resource-saving technologies, Siemens is No. 1 in offshore wind turbine construction, a leading supplier of gas and steam turbines for power generation, a major provider of power transmission solutions and a pioneer in infrastructure solutions as well as automation, drive and software solutions for industry. The company is also a leading provider of medical imaging equipment – such as computed tomography and magnetic resonance imaging systems – and a leader in laboratory diagnostics as well as clinical IT. In fiscal 2016, which ended on September 30, 2016, Siemens generated revenue of €79.6 billion and net income of €5.6 billion. At the end of September 2016, the company had around 351,000 employees worldwide. Further information is available on the Internet at www.siemens.com.

Read at BioSpace.com


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