Energy Efficiency "Made in Germany"
Frankfurt am Main (ots)
- Projects in Singapore and India: German energy know-how leads
globally
- KfW IPEX-Bank contributes to international marketing
- Highly efficient technology enables reduced CO2 energy
production
- Supports the German export economy while contributing to climate
protectionOn Jurong Island in Singapore, one of the most modern gas and steam power plants is currently being built. The Indian GMR Group is investing over a billion Singapore dollars (approximately EUR 580 million) in the planning and construction of the highly efficient 800 Megawatt plant. USD 670 million (approximately EUR 390 million) of this is structured as a redeemable loan with a further USD 270 million (about EUR 190 million) as a project-related bank guarantee linefrom KfW IPEX Bank together with five other banks. The project is an example of a successful export of German high technology, as at the core of the power plant, Siemens gas and steam turbines and generators provide a high degree of efficiency and thus low CO2 emissions at high operational flexibility. As a specialist financer within the KfW Bankengruppe, KfW IPEX Bank supports German companies in their export business. Climate and environmental protection plays an ever-important role in financing.
According to the International Energy Agency, global energy demand will rise by 50 percent by 2030 - faster than the production of renewable energy sources can keep pace. However, as a result of their efficient technology, conventional power plants can also contribute decisively to climate protection. And because new plants are being built for conventional energy production and existing power plants must be modernised, German specialist firms are experiencing a similar high demand in global markets. As such, Siemens reports high growth rates in the thermal power plant market at the present time, particularly in the aforementioned environmentally-friendly gas and steam plants. With new commitments of EUR 1.1 billion made in the first half of 2011, energy and environment sector finance was also a growth area for the KfW IPEX Bank. "We are committed to sustainable export projects. Although the use of renewable energies is a target, they cannot meet demand without fossil alternatives. Therefore, we support projects in which German technology can make reduced CO2 energy production possible," said Harold Zenke, Speaker of the Management Board of KfW IPEX Bank.
Hence, a similar project to the one in Singapore is currently also being financed by the bank in India, where one of the most distinguished private energy providers in the country is expanding an existing gas and steam plant at a highly modern power plant unit. Siemens Energy is again the supplier of the latest generation plant, priced at a total of USD 280 million, as well as the long term provider of care and maintenance.
The German role as a technology leader in the segment of efficient, conventional power plant technology is not exclusively an export issue. Recently in Bremen, several municipal utilities from Lower Saxony and North Rhine-Westphalia came together to jointly build a flexible gas and steam turbine power plant. Energy financing expert KfW IPEX Bank arranged the deal initially as Mandated Lead Arranger and Bookrunner. "The announced domestic projects are subject to strict environmental requirements," said Zenke. In Bremen an environmentally friendly, natural gas-fired plant is being built, which will use its fuel very efficiently. In comparison to other fossil fuel power plants, it will emit a very small amount of CO2.
The planned power plant will feature an efficiency of over 58 percent and thus low energy losses. In addition, a gas and steam power plant has a flexible mode of operation and can quickly increase or decrease its capacity. Therefore the gas and steam power plant is the perfect compliment to the current weather-dependent renewable energies. "Projects such as the recent onesin Singapore, India and Bremen serve as examples for the careful use of fossil fuels and at the same time as models for energy production that is efficient and secure," said Zenke.
About KfW IPEX-Bank
Within KfW Bankengruppe KfW IPEX-Bank is in charge of international project and export finance. It is responsible for providing financing to support the German and European economy, a task derived from the legal mandate assigned to KfW Bankengruppe. Its prime focus is on medium- and long-term lending to boost the export economy, develop economic and social infrastructure and support environmental and climate protection projects. KfW IPEX-Bank operates as a legally independent group sub-sidiary and plays a major role in fulfilling the promotional mission of KfW Bankengruppe. It has 526 employees (as of 31 December 2010) and is represented in the key economic and financial centres around the globe.
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Pressekontakt:
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
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Original content of: KfW IPEX-Bank, transmitted by news aktuell