Cambodia Power Company

active

The Cambodia Power Company, a joint venture company comprised of US-based firms Beacon Hill and Mosbacher Power Group, is developing a 60-MW naptha and diesel-fired power plant in the northern part of Phnom Penh. The Mosbacher Power Group replaced Hawaiiian Electric Industries as a sponsor in late 1996. A 25-year PPA with EdC was signed in March 1996. EdC's contractual obligations under the PPA have the financial support of the Royal Government of Cambodia. The project was scheduled to become operational on September 1999. The project will replace an old 18-MW diesel-fired plant and provide an additional 60-MW to the existing 220-MW of total generation capacity in Phnom Penh. This project was coordinated with, although not a part of, a $10.0 million concessional loan provided by the International Development Association (IDA) to rehabiliate the electricity distribution network of the national utility, Electricite du Cambodge (EdC). Total project cost was estimated at $82.0m. Financial closure was reached on June 12, 1997. The International Finance Corporation (IFC) approved a $15.0 million A-loan, a $45.2 million B-loan, a subordinated $4.3 million C loan, and a $2.0 million interest rate swap. However, as of 2002, the funds had not been committed. The project sponsors contributed $25.1 million in equity. The US Overseas Private Investment Corporation (OPIC) provided a political risk guarantee for the project. None None