Baymina Enerji AS

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In fiscal year 2002, MIGA issued guarantees of $35 million and $80.5 million to Tractebel S.A. of Belgium, and BNP Paribas of France, covering respectively their $39 million loan guaranty and $84.7 non-shareholder loan to Baymina Enerji A.S. in Turkey. The coverages were offered for up to 15 years, and against the risks of transfer restriction, expropriation, war and civil disturbance, and breach of contract. The complex multisource limited recourse financing for this project was nominated Power Deal of the Year for the Europe, Middle-East & Africa region by Project Finance International, the industry reference magazine. This past fiscal year, MIGA provided an additional $19.5 million in coverage to BNP Paribas, to cover an increase in the amount of the non-shareholder loan. This increase was required by the lenders of the non-shareholder loan portion to cover an increased portion of interest exposure, therefore enhancing the MIGA cover.   The project, which is located approximately 40 kilometers to the southwest of Ankara, consists of the construction and operation of a combined cycle power plant, comprising two gas turbines and one steam turbine, delivering a total net capacity of 763 megawatts (MW). Further details of the project appear in MIGA's 2002 Annual Report.

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