Eten Thermal Power Plant

Active

In 2011, the Spanish company Cobra Instalaciones y Servicos and Honduran company Energia Renovable SA - ENERSA (Grupo Terra) were awarded the contract to build and operate the 230-MW natural gas fueled power plant located at Chiclayo, Puerto Eten. The competitive bidding process was based on the lowest tariff, and two bidders took part, the consortium Cobra/Enersa and Consorcio Samay I. The sponsors created the special purpose company Planta de Reserva Fría de Generación de Eten S.A. to lead the project. The concession contract was signed in January 2014, and it was established for a duration of 20 years plus the construction time. The investment in the project was estimated at US$ 145 million. Financial closure was achieved in December 2013 with the issuance of a US$ 132.8 million international project bond launched by BTG Pactual. The bond received a partial credit guarantee from Corporación Andina de Fomento. The commissioning of the power plant was estimated for 2015.