CGV secures $ 195 mm financing for Mexican power plant

Dec 22, 2004 01:00 AM

Special purpose company Compania de Generacion Valladolid (CGV) has completed a $ 195 mm project financing for the $ 275 mm, 525 MW Valladolid III gas-fired power plant in Mexico's Yucatan state, US power company Calpine said.
The Japan Bank for International Cooperation (JBIC) is providing $ 117 mm and Tokyo-based banks Mizuho, Sumitomo Mitsui and Standard Chartered Bank are each loaning $ 26 mm, an industry source told.

Mizuho is the lead arranger on the transaction, which matures in October 2020.
Japanese companies Mitsui and Chubu each own 27.5 % of CGV and Calpine owns the remaining 45 %, which it received for having supplied two GE F-class combustion gas turbines. Toshiba is supplying other equipment for the project.

Mexico's state power company CFE awarded Mitsui a contract to build, own and operate (BOO) the project in October 2003.
Construction started in May this year and operations are set for mid-2006.

Source: Business News Americas
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