Central Termoelectrica Puerto Bravo

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Samay I S.A., a subsidiary of Israeli company Israel Corp. Ltd (IC Power), announced the development of a 720-MW natural gás thermal power plant at Mollendo, Arequipa Department. In the first phase of the project, the power plant was expected to run on diesel, until natural gas was made available through the natural gas pipeline Gasoducto Sur Peruano. In November 2013, the sponsor took part in a competitive bidding for the sale of electricity to the national grid, and won a long-term power purchase agreement at a rate of US$ 6.899/MW per month. The investment was estimated at US$ 390 million. The construction contract was signed with the Ecuadorian firm Santos CMI in March 2014. As of June 2015, 48% of the construction works had been concluded. Operations were expected to commence in 2016. In December 2014, the sponsor was granted a US$ 311 million loan to finance the project. No additional details were made available on the transaction.