Capital Investments, a subsidiary of Capital Bank Group, announced that it has acted as the financial adviser and lead arranger for a US $1 billion financing agreement covering the majority of the first phase of Al Khairat Thermal Power Plant project in Karbala, Iraq. Owned by Harlow Group, the project reinforces the group’s growing role in financing strategic projects across the region and highlights its ability to provide integrated financing solutions for projects with significant economic and developmental impact.

Capital Investments organized the financing transaction for Al Khairat Thermal Power Plant Project, one of the largest strategic projects in Iraq’s energy sector. The project aims to increase the amount of electricity supplied to Iraq’s national grid and strengthen the country’s energy security through a new 2,800-megawatt thermal power plant. Phase One is expected to generate 1,400 megawatts, with an operational life spanning between 25 and 40 years. The transaction reflects Capital Investments’ expertise in managing and arranging financing for large-scale strategic projects.

Commenting on the agreement, Tamer Ghazaleh, Chief Executive Officer of Capital Bank, said: “This transaction is an important milestone in our continued support for strategic projects that drive economic growth and strengthen infrastructure across the markets we serve.”

He added that the group’s leadership of the financing process reflects its specialized banking and investment expertise, as well as its ability to design and structure integrated financing solutions that meet the requirements of major projects and respond to the evolving needs of regional markets.

Ghazaleh added that the appointment of Capital Bank and Capital Investments reflects the trust the group has built with its partners and its ability to manage complex financing transactions to the highest professional standards. He noted that the transaction further strengthens the group’s role in supporting major projects that contribute to long-term economic development.

The project is expected to play a significant role in improving the use of Iraq’s national resources and meeting the country’s growing demand for electricity. It will also include the construction of approximately 125 kilometers of power transmission lines, along with the installation of an estimated 100,000 to 150,000 smart meters. These upgrades are expected to improve the efficiency of electricity distribution, enhance the reliability of the power grid and support the development of a more resilient and sustainable electricity network.

Al Khairat Thermal Power Plant Project is considered a promising development project. In addition to attracting external financing to Iraq, it will contribute to supporting and strengthening the country’s infrastructure and energy projects.

The project also builds on the range of financing solutions provided by Capital Bank’s group as part of its strategic partnership with Harlow Group, one of National Bank of Iraq’s key clients. This reflects the bank’s commitment to strengthening its relationships with strategic partners and expanding the range of innovative financial solutions that support economic development and enhance Iraq’s position in regional and international markets.