Sulaymaniyah CCGT Plant conversion and expansion

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The 1000 MW Sulaymaniya Gas Power Station (OCGT) will be converted to a more energy efficient Combined Cycle Gas Turbine (CCGT) power plant by adding eight Heat Recovery Stream Generators and two Steam Turbine Generators (250 MW each), bringing the total generation capacity to 1,500 MW with significantly improved electricity generating efficiency. The power plant is located in the Chamchamal area, some 60 km from Sulaymaniyah in the Kurdish region of Iraq. Financial closure was reached end of April 2016. The International Finance Corporation (IFC) has arranged $375 million in financing for Mass Global Energy Sulimaniya for upgrading and expanding the 1,000 MW independent power producer (IPP) project in Iraq. The debt package includes $125 million from the IFC and $125 million from Bank Audi, Lebanon’s largest lender by assets. The equity package of $125 million is provided by IFC. Mass Global Energy Sulimaniya will use the $250 million debt funding to convert the existing 1,000 MW Sulaymaniyah Gas Power Station (SGPS) from open-cycle gas turbine to combined-cycle gas turbine. ENKA, a Turkish company will take on the EPC contract for the conversion. IFC's $125M equity financing will allow a release of Mass Group Holding' equity contribution. This will allow Mass Group Holding to meet equity obligations for the development of its 3GW Bismayah IPP located outside of Baghdad.