El Platanal Hydroelectric Plant

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In September 2006, the consortium CELEPSA began constructing El Platanal, a 210 MW hydroelectric plant in the provinces of Yauyos and Canete in the department of Lima. El Platanal was to supply approximately 25% of its output to the consortium’s parent companies and the remaining 75% to Peru’s national grid. CELEPSA was formed by: Cementos Lima SA (Peru, 60%) Cemento Andino S.A. (Peru, 30%) and Corporacion Aceros Arequipa SA (Peru, 10%). Compania Electrica El Platanal S.A., the special purpose vehicle, had the same shareholding as the consortium. In July 2001, the Peruvian federal government authorized Cementos Lima SA the concession to build, own and operate a hydroelectric and irrigation facility. The irrigation component was later taken out of the project plans and the hydroelectric facility was broken into two separate contracts for two separate plants: El Platanal (210 MW) and Morro de Arica (50 MW). Total project cost for El Platanal was estimated at US $220 million with 36 months granted for construction from September 2006. By December of 2007, significant construction progress had been made. The project was to be financed through a combination of debt and equity from the three project sponsors. Cementos Lima SA acted as the guarantor for a US $72 million out of a US $120 million line of credit from Banco de Credito del Peru obtained in 2005. The remainder of the cost was to be financed directly by the project sponsors. El Platanal was expected to become operational in the fourth quarter of 2009. El Platanal became operational in December 2009.