FOR IMMEDIATE RELEASE May 14, 2009
Marianna Ohe (202-565-3200)
WASHINGTON, D.C. -- In a move to support U.S. jobs, the Export-Import Bank of the United States (Ex-Im Bank) today approved $912.8 million in direct loans to finance the export of 23 GE gas turbine generator sets for three Saudi power plants.
The GE 7FA series gas turbine generator sets contain pollution control equipment to reduce NOx emissions.
The General Electric Company (GE), Fairfield, Conn., is exporting the 7FA gas turbine generator sets and related equipment and services to Saudi Electricity Company (SEC) for three projects:
- The Faras power station, located in eastern Saudi Arabia near Al Hofuf -- an Ex-Im Bank direct loan of $150.7 million will support the sale of four generator sets to expand the plant's capacity by 500 megawatts
- Power Plant #8 (PP8) in Western Ryadh -- an Ex-Im Bank direct loan of $151.1 million will support the sale of four generator sets to expand the plant's capacity by 492 megawatts
- A new power station to be located near an existing plant at Al Qurayyah -- an Ex-Im Bank direct loan of $611.1 million will support the sale of 15 generator sets, resulting in a total installed capacity of 1,890 megawatts
This transaction is good for both countries, said Bijan Kian, a member of Ex-Im Bank's board of directors. It will help maintain jobs at GE and its U.S. suppliers throughout the country, while helping SEC meet Saudi Arabia's power needs through the use of low-NOx-emission equipment. Saudi Arabia is turning to export credit agencies (ECAs) such as Ex-Im Bank during the current credit crisis that commercial banks are facing. This transaction, by helping the development of Saudi Arabia's power infrastructure, creates enormous potential for follow-on business between our two countries.
The Ex-Im Bank direct loans will be disbursed through the funding bank, Calyon.
Ex-Im Bank is the official export-credit agency of the United States. The independent, self-sustaining federal agency, now in its 75th year, helps to create and maintain U.S. jobs by financing the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export-credit insurance and direct loans. In fiscal year 2008, Ex-Im Bank authorized a total of $14.4 billion in financing to support an estimated $19.6 billion of U.S. exports worldwide. For more information, visit www.exim.gov.