Ex-Im Lends $2B For Westinghouse's UAE Nuclear Contract

Law360, New York (September 7, 2012, 6:59 PM EDT) -- The U.S. Export-Import Bank on Friday authorized a $2 billion direct loan to help a $20 billion Abu Dhabi nuclear power plant — the first in the Gulf region — buy equipment and construction services from Pennsylvania-based contractor Westinghouse Electric Co. LLC.

The bank approved an Aug. 7 loan application from the Barakah One Project Co., with government-owned Emirates Nuclear Energy Corp., the project's sponsor, and lead contractor Korea Electric Power Corp., or Kepco, serving as guarantors. The loan is Ex-Im's biggest transaction to date in...
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