Most efficient power plant in Southeast Asia: KfW IPEX-Bank finances San Gabriel CCP power plant

Frankfurt am Main (ots) -

- Hermes-covered loan of USD 265 million
- State-of-the-art power plant construction in the Philippines
- Key German technology from Siemens facilitates lower-CO2 energy
production at optimal efficiency

KfW IPEX-Bank is financing the construction of a 414 MW combined
cycle gas-fired power plant, "San Gabriel", located in Batangas City
in the Philippines, with a loan of USD 265 million. The proceeds of
the loan will be used to primarily finance the eligible German and
other goods and services under its Equipment Supply Contract. The
highly-productive plant with an efficiency level of over 60 per cent
will utilize equipment and parts supplied by the German company
Siemens AG through the Equipment Supply Contract. Its Philippine
subsidiary, Siemens Inc., will act as general construction contractor
of the plant while another subsidiary, Siemens Power Operations,
Inc., will serve as operator. The investor and borrower is a
wholly-owned subsidiary of First Gen Corporation, one of the largest
power generation companies in the Philippines. The financing is
covered by an export credit guarantee of the Federal Republic of
Germany and has a tenor of about 14 years.

"This project is an example of successful exporting of German high
technology with added value: After completion, San Gabriel will be
the most efficient combined cycle gas-fired power plant not only in
the Philippines but in the rest of Southeast Asia, a real showcase
project for the energy market in the whole region. Thus, key German
technologies are helping to relieve the burden on the environment,"
commented Markus Scheer, the responsible member of the Management
Board of KfW IPEX-Bank, on completion of the financing deal.

San Gabriel is being built in Batangas City on the island of
Luzon, approximately 112 kilometres south of Manila (capital of the
Philippines). A top-of-the-line SGT6-8000H gas turbine from Siemens
is at the heart of the plant. It will ensure optimal efficiency and
produce low CO2 emissions while maintaining high operational
flexibility. Commissioning is scheduled for March 2016.

In the past, KfW financed at the site the construction of the 500
MW San Lorenzo and 1000 MW Santa Rita combined cycle gas-fired power
plants. These plants can now play a role in relieving the strain on
the environment during the building phase of the new plant, as San
Gabriel will be able to optimize the use of equipment of the other
two power plants' existing infrastructure.

About KfW IPEX-Bank GmbH

Within the KfW Group, KfW IPEX-Bank is responsible for
international project and export finance. Its function of providing
financing to boost the German and European economy is derived from
the legal mandate assigned to KfW. It offers medium- and long-term
financing to support key export industries, to develop economic and
social infrastructure and to fund environmental and climate
protection projects. KfW IPEX-Bank operates as a legally independent
group subsidiary and plays a major role in fulfilling KfW's
promotional mission. It is represented in the most important economic
and financial centres across the globe.

Contact:
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
Press Office: Thomas Krick, E-Mail: thomas.krick@kfw.de
Phone: +49 69 7431 8454, Fax: 069 7431-9409,
E-Mail: info@kfw-ipex-bank.de,
Internet: www.kfw-ipex-bank.de