Ex-Im Bank Approves Export Financing for Power Generation Equipment Supporting 825 Jobs at Siemens North Carolina Plant
January 11, 2012
(Ex-Im Bank)
$638 Million Sale Contributes to Obama Administration American Jobs Initiative
WASHINGTON, D.C. --- The board of directors of the Export-Import Bank of the
United States at its Thursday (Jan. 5) meeting approved a $638 million direct
loan to finance the sale by Siemens Energy, Inc. of gas and steam turbines to be
installed in Saudi Arabia.
This is the second order being produced by 825 new highly-skilled workers at
Siemens’ Charlotte, North Carolina facility. The plant was specifically
constructed, and the work force hired, to produce American-made goods to serve
markets around the world, from Latin America to the Middle East, from North
America to Asia.
The announcement comes today as President Obama hosts a forum at the White House
with CEOs of large and small companies to discuss efforts to bring jobs back to
America. As part of this forum, the President will meet with business leaders to
discuss the advantages of manufacturing in the United States and what can be
done to encourage more companies to insource American jobs.
"This order represents a real vote of confidence in our Nation's workforce,"
said Fred P. Hochberg, chairman and president of Ex-Im Bank. "Siemens, a global
leader in manufacturing, has chosen to build a plant in the U.S. specifically to
produce equipment for export. The skills and productivity of American workers
are a big reason why that plant is there, and I'm proud that Ex-Im's financing
helped win this order."
Ex-Im Bank financing helped Siemens win the sale against competition from Japan,
Germany and Korea.
"Siemens-Ex-Im Bank partnership recognizes an all-important fact about America's
place in the global economy: the rest of the world is eager to do business with
the United States," said Randy Zwirn, President and CEO, Siemens Energy, Inc.
"With a highly skilled workforce behind us, our newly expanded Charlotte energy
hub will produce the world's most technologically advanced gas turbines helping
to meet the world’s growing energy demands."
The turbines in this sale are part of an over $2 billion project involving the
construction and operation of a combined cycle, gas-fired Independent Power Plan
(IPP) with a capacity of 4,000 megawatts. It is located in Qurayyah on the
eastern coast of the Kingdom of Saudi Arabia.
The project involves the export of ten Siemens Model F5 gas turbines, 18 gas
turbine and steam turbine generators, ancillary equipment and services from the
U.S.
The borrower is Hajr for Electricity Production Company in Riyadh, Saudi Arabia.
The project will sell capacity and energy under a 20-year power purchase
agreement with Saudi Electricity Company. This is the second IPP that Ex-Im Bank
has financed in Saudi Arabia.
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