Buquebus

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Los Cipreses S.A. (the “Company” or “Buquebus”), is a Uruguayan passenger and vehicle river transport company operating between Uruguay and Argentina under the “Buquebus” commercial name. IFC’s proposed financing entails a corporate secured transaction via an up to US$67 million partial credit guarantee for a 10-year loan from Banco Santander (Uruguay), S.A. to finance the US$170 million acquisition of a passenger electric ferry (“e-ferry”) (the “Project”). The e-ferry will operate between Buenos Aires, (Argentina) and Colonia, (Uruguay), with a capacity of 2,100 passengers. It will replace an existing diesel-powered vessel within the company’s fleet. Buquebus will also fund and manage the construction of an underground 8 km transmission line (considered an Associated Facility (AF) under IFC’s Performance Standards) to connect to the Colonia ferry terminal, which once built, will be operated by the national electricity company (UTE). In Buenos Aires, the local electricity company (EDESUR) will provide a new connection to the ferry terminal, (approx. 600 meters of new underground transmission cable, also an AF). Buquebus operates the terminal in Buenos Aires under a concession, while in Colonia, the terminal is operated by the port authority (AGP). The e-ferry is expected to begin operations in the second half of 2025.