First Gulf Investments Solutions provides $660 Million Debt Financing For Solar Project
As one of the world’s leading and most diverse financial services firm, First Gulf Investments Solutions serves the needs of our clients by offering a world-class project funding platform coupled with straightforward, intelligent advice.
First Gulf Investments Solutions has successfully completed a $660 million non-recourse project financing for Solar Power project.
Loan proceeds will be used for the construction of 100 MW solar thermal electricity (STE) power plant. It features advanced technology with a five-hour thermal energy storage system using molten salts that assists in meeting the evening peak demand. This plant will produce clean and dispatchable energy to serve more than 95,000 households and will prevent the emission of 348,000 tons of CO2 per year.
With a total investment of approximately $880 million, construction of the Solar Plant started in 2014. Job creation will peak at over 1,300 positions during the construction phase, generating 45 permanent jobs for plant operation and Construction on the project is already underway and the project is expected to the commissioned by 2017.
About First Gulf Investments Solutions.
Strength, Solutions and Growth
At First Gulf Investments Solutions, we apply our strengths as a leading global investment and advisory firm to deliver solutions, unlock value and propel growth. Our capital fuels the development of businesses and communities. Our strategic advice helps companies and governments stabilize, grow and thrive during these challenging times. We invest in emerging markets and entrepreneurs that will be the wellsprings of future opportunity. Over 700 employees focus on making our clients’ private markets investment programs a true success. That’s all we do. And we do it with passion.