Energy operator AEI’s wholly-owned subsidiary Jaguar Energy has closed a long-term financing deal worth US$350mn for the construction of a 300MW coal power plant in Guatemala.
The facility, which has a decade’s tenor, was formed by a syndicate of local and international banks with Colombia's Banca de Inversion Bancolombia (Bib) and Honduras' Central American Bank for Economic Integration (Cabei) acting as mandated lead arrangers.
The syndication was offered out to banks in the second week of January, 2010.
The plant, which will be built by China Machine New Energy through a turn-key contract, will consist of two solid fuel-fired boilers that use advanced technology designed to comply with stringent environmental guidelines.
Construction of the plant is expected to begin in 2013.
In a joint statement, Rodrigo Velasquez Uribe, CEO of Bib, and Nick Rischbieth, Cabei’s CEO, say: “The project’s financing has been a successful joint effort between AEI and the lead arrangers; the result is a facility with sound fundamentals that demonstrates the financial market potential for well-structured development projects.”
Jim Hughes, AEI’s chief executive officer, adds: “This energy infrastructure investment underpins AEI’s continued commitment to Guatemala and the Central American region and is indicative of the company’s confidence in the electricity sector’s legal and regulatory frameworks.”
The other local and international banks involved are:
Guatemala:
Banco Industrial,
Banco General,
HSBC,
G&T Continental,
Banco Reformador,
BAM Bank,
BICSA Bank.
Costa Rica:
Fondo de Capital Privado Banca de Inversión Fund Colombia.
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