Ex-Im Approves more than $66 Million in Financing for Export of Power-Generation Equipment to Turkey
August 24, 2012
(Ex-Im Bank)
Washington, D.C. – The Export-Import Bank of
the United States (Ex-Im Bank) has authorized a
a $66.3 million guarantee in favor of UPS
Capital Business Credit's loan to Bis Enerji
Elektrik Uretim AS (Bis) of Turkey for the
export of American power-generation equipment
to the Republic of Turkey.
Ex-Im Bank's financing will support more than
160 American jobs in Houston, Texas;
Wellsville, N.Y.; Orlando, Fla.; and Lewiston,
Maine.
"Ex-Im Bank's loan guarantee affords the U.S.
companies involved in the transaction an
opportunity to export their American-made
products to a Turkish market hungry for
electricity," said Ex-Im Bank Chairman and
President Fred P. Hochberg. "Equally important
is the loan guarantee's impact on American
jobs, which will benefit from the increased
business."
"We see UPS Capital Business Credit's
participation in this particular Ex-Im Bank
financing opportunity as a reflection of our
company's commitment to helping customers grow
their exports," added Bob Bernabucci, president
of UPS Capital. "Export growth is critical not
only to the U.S. economy but also to the
creation of jobs."
This represents Ex-Im Bank's second transaction
involving Turkiye Halk Bankasi AS of Ankara,
Turkey, which participated in support of BIS
Energy, and will finance the export of a
General Electric Packaged Power Inc. turbine
and generator, a Dresser-Rand steam turbine
generator, a World Control International Inc.
heat recovery steam generator, a
WahlcoMetroflex Inc. diverter damper unit, and
associated installation services.
"Bis Enerji, now with its sixth installation of
GE LM 6000 Gas Turbine Generator set since
1993, is a long time and repeat customer of GE
Power & Water and Ex-Im Bank. Ex-Im Bank's
financing support in each of those transactions
has been a key factor in GE's success and a
boon to GE's jobs, and it has broadened exports
from other US suppliers to Bis Enerji as well,"
stated Mohammad Kudia, the managing director of
GE Sales & Project Finance, the financing
advisor to Bis Enerji.
Bis will employ the new equipment at its power
plant in Bursa, Turkey, to expand its current
electricity-production capacity by 76
megawatts. The project will convert a
pre-existing simple-cycle turbine into a
combined-cycle operation that will rely upon a
steam turbine heat recovery steam generator.
Ex-Im Bank supported four previous expansions
of the plant's output.
Founded in 1993 and headquartered in Bursa, Bis
supplies electricity to domestic markets and
has worked with Ex-Im Bank since 1997. The
company's Bursa power plant is the largest
private sector plant of its kind in the Bursa
industrial zone of Turkey, and it generates
electricity by way of natural gas.
Turkey accounted for approximately $3.8 billion
of the Bank's worldwide credit exposure as of
the end of FY 2011, and in FY 2011 alone the
Bank authorized $2.1 billion in export
financing for American goods and services bound
for Turkish markets.
Also in FY 2011, the Bank authorized $2.2
billion in power-generation transactions
worldwide.
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