Mandated lead arranger WestLB is preparing to launch retail syndication of a fully underwritten US$990mn credit facility to support the development of La Yesca, a 750MW hydroelectric power project in western Mexico.
A further two banks, Citibank/Banamex and HSBC, have already signed up as mandated lead arrangers. WestLB will invite a minimum of four mandated lead arrangers during primary syndication before the end of September. General syndication will start shortly after that.
The facility carries a maturity of four years and nine months. The project sponsor Empresas ICA was officially awarded the mandate to develop the project by state power utility Comision Federal de Electricidad (CFE) to develop the project following its successful completion of the El Cajon Hydroelectric project in the same Santiago river system. The project is due to be completed by 2012.