Chivor SA

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Chivor SA owns a 1,000-MW hydro electric power plant located 160 kilometers northeast of Bogota. Chivor generates 10% of Colombia's electricity and sells most of its power on a merchant basis. The company was fully privatized in December 1996, when the government sold 99.9% of the equity to GENER (Chilgener), which in turn was owned by AES Corporation of the US, for US$644 million. In 1997, CAF syndicated a US$ 50 million loan to Chivor to finance the acquision of a hydro power plant. In 2005, Chivor went to the international capital markets and local bank markets to refinance US$253 million in outstanding debt. Chivor privately placed US$170 million of 9.75% cupon senior secured notes due in 2014 in the international dollar market and a seven year US$83 million peso-denominated bank loan in the local markets. As of October 2014, AES Chivor was nearly completing the construction of a small hydro power plant named PCH Tunjita (19.8 MW) in Macanal, Boyaca. The construction works commenced in 2012, and by the end of 2014 88% of the works were completed. The project demanded investments of US$ 40 million, and commissioning was set to take place in 2015. In 2013, PCH Tunjita applied for carbon credit.