In 2010 Siemens AG and GS Engineering and Construction Corp. (Korea) in a consortium had been awarded EPC contracts for the Sohar 2 and Barka 3 IPP’s. Siemens Financial Services acted as advisor and manager for the guarantees.
 
Crédit Agricole CIB played significant roles in these projects.

In October 2010, Crédit Agricole CIB in Germany was mandated by the consortium to issue advance and performance guarantees for an amount of EUR 391 million. This is the largest ever issued amount of bonding for a single client by Crédit Agricole CIB in Germany.

In addition, Crédit Agricole CIB together with a club of seven other banks (Natixis, KfW-IPEX, HSBC, Bayerische Landesbank, Europe Arab Bank, CIC and Standard Chartered Bank) and two export credit agencies (Euler-Hermes and KEXIM) participated in providing the loans for these projects. Senior debtDebt that is collateralised and has a higher priority of claim over so-called subordinated debt. amounts to about USD 650 million for each plant.

The Oman projects are greenfield natural gas-fired power plants with capacity of MW 744 each. Together they will add almost MW 1,500 to Oman’s current existing capacity of some MW 3,600. Barka 3 and Sohar 2 are expected to be commissioned by May 2012. Full completion of the plants is planned to end by April 2013.