AES starts construction Parana power plant

Sep 24, 1997 02:00 AM

AES has started construction on the AES Parana project, an 830 MW gas-fired, combined cycle power plant. AES Parana will be located in San Nicolas, Argentina, adjacent to Central Termica San Nicolas, in which AES owns a controlling interest. AES Parana is in the final stages of arranging for project financing for the facility. The Inter-American Development Bank announced their approval of a portion of the financing for the project.
AES Parana has entered into a lump sum, turnkey construction contract with Nichimen Corporation and Mitsubishi Heavy Industries for the plant. A portion of the fuel will be supplied by Total under a long term, risk management contract.
Project output will be sold into the Argentine electric market. Total capital cost is estimated at $ 440 million, and the project is expected to be on line in the year 2000.
Thomas A. Tribone, president of AES Americas, stated "AES Parana will be a very efficient, low cost plant that will complement and take full advantage ofour existing production and marketing operations in Argentina. Our structure allows us to use traditional project financing techniques, as confirmed by the approval by the Inter-American Development Bank."
Dennis Bakke, president and CEO of AES, said, "We continue to be confident in the stability and growth prospects in Argentina and in the Southern Cone region generally."

Highlights of AES' business development successes in 1997 include the following:
-- In Sept., AES raised $ 75.5 million to finance the 288 MW Mt. Stuart power facility in Townsville, Australia.
-- In July, AES raised approximately $ 325 million in Senior Subordinated Notes and approximately $ 350 million in a common stock offering.
-- In June, AES funded Yangcheng, a $ 1.6 billion joint venture to build, own and operate a 2,100 MW mine-mouth, coal-fired power plant in China.
-- In June, AES and partners won a bid for 14.41 % of Cemig, an integrated electric utility serving the State of Minas Gerais in Brazil.
-- In May, AES announced the completion of the amalgamation with AES China Generating Co. with AES.
-- In April, AES, along with its partner CEA, won a bid to acquire two electricity distribution companies, Eden and Edes, serving the Province of Buenos Aires, Argentina.
-- In April, AES won the right to build, own and operate a 600 MW gas-fired, combined cycle plant in Uruguaiana, Brazil.
-- In March, AES completed a combined public offering of common stock and term convertible securities ("TECONS"), yielding net proceeds to the Company of approximately $ 390 million.
-- In February, AES entered into an agreement to acquire all of the international businesses of Destec Energy, Inc., consisting of five plants in operation and construction representing approximately 950 MW (based on AES' net equity ownership to be acquired), and numerous projects in various stages of development.
-- In February, a subsidiary of AES raised 112.5 million pounds sterling of non-recourse project financing for its 230 MW gas-fired combined cycle plant in Barry, South Wales, United Kingdom.
- In February, AES announced plans to build a 720 MW gas-fired combined cycle plant in Pennsylvania to supply electricity to a subsidiary of GPU, Inc., pursuant to three restructured power purchase agreements.
--In January, AES acquired an additional 2.4 % interest in Light Servicos de Eletricidade S.A., a 3,800 MW integrated Brazilian utility, bringing AES' total interest to 13.75 %.
-- In January, AES won a bid to build, own and operate a 484 MW gas-fired combined cycle power plant in Merida, Mexico.
AES is a leading global power company that currently owns or has an interest in 75 power facilities totalling over 20,000 MW in the United States, Canada, Australia, Argentina, Brazil, Dominican Republic, Pakistan, the Netherlands, Hungary, Kazakhstan, China and the United Kingdom.

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