GDF Suez’s Oman power projects gets $1.3bn financing

GDF Suez SA and its partners including Shikoku Electric Power Co. and Sojitz Corp. completed $1.3 billion in financing for the Barka 3 and Sohar 2 independent power projects in Oman. The plants each will have a capacity of 744 megawatts when operational by April 2013, the companies said in a joint e- mailed statement today. Total investment costs are $1.7bn, according to the statement. Natixis, KFW IPEX-Bank GmbH, Credit Agricole SA, HSBC Holdings Plc, Bayerische Landesbank, Europe Arab Bank Plc, CIC and Standard Chartered Bank, and export credit providers Euler Hermes SA and KEXIM, arranged the facility. The Oman Power and Water Procurement Co will be the single offtaker.