Aguaytia Energy del Peru SA

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This project is an integrated natural gas-derived product and electricity project with a total cost estimated at US$257 million. The project consisted of (a) the construction and operation of a gas-fired, 155-MW simple-cycle thermal power plant; (b) the construction of 400 km of 220 kV transmission lines and related facilities to connect the power plant with the northern central interconnect system at the Peruvian central coast; (c) the development of Aguaytia gas field to supply gas to the new power plant and sell liquid natural gas to the existing market; and (d) the construction and operation of gas processing facilities, gas and NGL pipelines, and NGL fractionation, storage and loading facilities. The project is the first Peruvian greenfield project in electricity sector and is located in Pucallpa, in Peruvian jungle. The power plant is a merchant plant (no long-term power purchase agreement). The power plant will sell all its output to the Peruvian spot market. The construction of the gas and power project began in August 1996. Commercial operation was expected by March 1998. The main project developers/sponsors are The Maple Gas Corporation, PanEnergy International Corp. (a subsidiary of Duke Energy Corp.), El Paso Energy International Co. (now El Paso Corporation), Illinova Generating Co., Scudder Latin American Power Fund, and Power Markets Development Co. In 1996, the IADB approved an US$60 million direct loan to the project sponsor. On 10 June 2009, Maple's partially-owned subsidiary, The Maple Gas Development Corporation ('MGDC'), successfully completed the sale of all of its interest in Aguaytia Energy to an affiliate of Duke (PanEnergy) for US$28,001,000. Maple had approximately a 17% economic interest. In December 2016, Duke sold all its Latin American assets to Orazul for US$ 1.2 billion.