Siemens Power and Gas (PG) Division has 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.