GNLC SA (Calidda)

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Gas de Camisea para Lima y Callao (GNLC) was created in May 2002 to distribute natural gas to the Peruvian regions of Lima and Callao. GNLC was created as part of the Camisea Project, Peru's largest natural gas project. The Camisea Project comprises the extraction, transportation, consumption,and export of gas (both liquified natural gas and natural gas). The Camisea Project faced strong opposition from environmental and human rights groups concerned with the project's location in the Peruvian Amazon. Tractabel, part of SUEZ, is the primary sponsor in the consortium; Puntahuacaluna of Peru has a minority stake. It was expected that 200,000 customers would be connected to the line within the first six years of operation. Operations were expected to commence in August 2004 and initial gas supply was expected to be 2.6 billion cubic meters per year. In June 2007, SUEZ Energy International transfered its shares to Ashmore Energy and Promigas in return for a 51% stake in Panama's 280 MW Central Termica Bahia Las Minas. In March 2010, IFC approved a US $40 million A Loan and a $10 million C loan from IFC’s own account for the phase I of the expansion of Calidda’s distribution network, designed to increase the distribution capacity of natural gas in the concession area from 255 to 420 million standard cubic feet per day. The total Project cost was calculated at US $236 million, and was to include: (i) the expansion and upgrades to the main grid, (ii) the expansion to the low pressure secondary grid, and (iii) refinancing of existing senior debt. Empresa de Energia de Bogota (EEB) purchased a 60% stake in the project in February 2011.