InterGen and AEP Resources at financial close of Bajio power facility

Jul 12, 2000 02:00 AM

InterGen and AEP Resources, a subsidiary of American Electric Power, announced the financial close of the $ 435 mm credit facilities for the Bajio power plant, a 600 MW, natural gas-fired, combined cycle power facility. The facility is under construction near the municipality of San Luis de la Paz in the state of Guanajuato, approximately 160 miles from Mexico City.
The financing plan includes InterAmerican Development Bank A/B loan funding and US Export Import Bank funding using Eximbank's Comprehensive Guarantee Program. IDB will provide $ 22.5 mm under the A Loan and a consortium of commercial banks, including, BNP Paribas, Deutsche Bank, Citibank and Dresdner Bank, will provide $ 113 mm under the B Loan. Citibank will provide funding for the Eximbank $ 215 mm Comprehensive Guarantee facility.
Bajio is unique among private sector Mexican facilities in its state/private off-taker structure. Approximately 495 MW of the project's power will be made available to the Comision Federal de Electricidad (CFE) under a 25-year power purchase agreement (PPA) structured as a build-own-operate contract. The remaining 105 MW of the project's power will be made available for supply to third party industrial customers. The facility is expected to begin commercial operations in November of 2001.

"Bajio is the third electrical infrastructure development we have successfully closed and brought into construction in Mexico," said Carlos Riva, President and CEO of InterGen. "Mexico is one of our top international markets and we plan on being an active participant in additional CFE bids over the next two years," Riva added. "We're pleased to be a part of this project with InterGen," said Don Clements, President, AEP Resources. "We anticipate continued development work in Mexico and look forward to additional projects with our partner." CFE announced in April 1999 that InterGen had been awarded the contract for the Bajio power project, then known as El Sauz. In December of 1999, AEP Resources purchased a 50 % stake in the facility.
Bajio is the fifth of 10 power station projects the Mexican Government has put to bid since 1997. According to Mexico Energy Secretary Luis Tellez, electricity demand growth in Mexico is 7 % per year, and Mexico needs to put in operation approximately 3000 MW per year to meet this demand.

InterGen is an international power generation firm. The company is operating or building a total of eleven power stations representing 7,985 MW. It also has an additional 7,040 MW in advanced development.
InterGen has projects operating, under construction and/or in advanced development in the United Kingdom, the Philippines, Colombia, Mexico, China, Egypt, Brazil, Australia, Turkey and the United States and is developing projects across the globe.
In Mexico, InterGen is an owner of the Samalayuca II power facility, a 550 MW natural gas-fired plant operating near Ciudad Juarez. InterGen was also a developer of the Mayakan Pipeline facility, now owned by TransCanada Pipelines Limited and PSG International. On June 16, the CFE awarded InterGen a contract to build, own and operate the 750 MW Rosarito facility in the state of Baja California Norte. InterGen is a Shell-Bechtel venture.

AEP Resources, a wholly owned subsidiary of American Electric Power, pursues a significant presence in selected energy markets with supporting assets globally. American Electric Power is a multinational energy company based in Columbus, Ohio. American Electric Power is one of the United States' largest generators of electricity with more than 38,000 MW of generating capacity. AEP is also one of the nation's leading wholesale energy marketers and traders.
AEP delivers electricity to more than 4.8 mm customers in 11 states -- Arkansas, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia. The company serves more than 4 mm customers outside the US through holdings in Australia, Brazil, China, Mexico and the United Kingdom. Wholly owned subsidiaries are involved in power engineering and construction services, energy management and telecommunications.

Source: American Electric Power
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