ILO Thermal Power Plant - Reserva Fria

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The French group GDF SUEZ, through its Peruvian subsidiary EnerSur S.A., announced the development of the Planta ILO Reserva Fria thermal power plant (natural gas fueled), located at Moquegua Department (564 MW in capacity). In January 2011, the sponsor signed a 20-year power purchase agreement with the Peru’s Ministry of Energy and Mines (MINEM). The investment was estimated at US$ 220.4 million. Financial closure was achieved in May 2011, when the sponsor was granted US$ 200 million in loans from Banco de Credito del Peru and Banco Continental (US$ 100 million each). The remaining capital expenditures were set to be financed with equity. The EPC contract was signed with American company General Electric and Ecuadorian company SANTOS CMI. Commercial operations began in June 2013.