Kallpa Gas Power Plant Project

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In November 2006, UK based Globeleq began constructing the first 184 MW phase of a gas fired plant in Chilca, south of Lima, Peru. Globeleq Peru SA was formed as the project company. Inkia Energy was created in Bermuda in June 04, 2007 as a special purpose vehicle to acquire the power generation assets, property of Globeleq Americas Limited in Latin America and the Caribean, which included seven operative companies in 6 countries: Peru, Bolivia, El Salvador, Dominican Republic, Panama and Jamaica. The acquisition of Globeleq's assets by Inkia Energy was concluded on June 18, 2007. Inkia Energy changed the SPV name to Kallpa Generation SA. Inkia was a wholly owned subsidiary of Israel Corp [Israel]. The contract to develop Kallpa was awarded to Globeleq by Peru's energy and mines ministry in March 2006. Further information on tendering was not available. By January 2007, the first phase was approximately 25% complete. The first phase of the plant became operational in July 2007. Inkia Energy was to complete two additional phases of Kallpa with to bring the generation capacity to 570 MW in 2010. Inkia energy purchased the second turbine in December 2007. Kallpa's own funds and leasing from Banco de Credito del Peru financed the US $90million phase two. In July 2008, Kallpa Generation SA signed an agreement with the German company, Siemens, for construction of an additional gas turbine, which was expected to be placed into service in the first half of 2010, having an estimated cost of about $100 million. The third phase reached financial close in August 2008 with US $88 million credit facility from Scotia Bank Peru and US $12 million in equity from Inkia Energia on August 29, 2008. In May 2016, the project company issued US$ 350 million in 10-year bonds to refinance its due debts.