Luz y Fuerza de San Lorenzo SA

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Local company Luz y Fuerza de San Lorenzo SA (Lufussa) built a 40 MW gas powered plant in the Pavana area, Honduras. The power plant was built as a Greenfield project. The project reached financial closure in June 1995. At the time Lufussa was owned by private local investors. The total cost of the project was $25.3 million, partially financed by the Central American Bank for Economic Integration (CABEI) through a $12.8 million loan. The plant started commercial operation in the first quarter of 1996. In 1998 Lufussa secured financing for a second Greenfield power plant. The second plant built in Pavana had a 60 MW capacity and burnt heavy fuel. This second facility had a total cost of US$ 48.3 million, and the sponsors contributed with US$ 15 million in equity. The IAIC also provided financing assistance through a $10.75 million loan, granted in 1998. Financing was also provided by CABEI, through a $33.2 million loan. The second plant was constructed by Wartsila NSD of Sweeden. The power plant entered service in May 1999. In 2003 Lufussa contracted with Wartsila for the construction of a third power plant. The plant would run on heavy fuel oil and have a total capacity of 251 MW. The total cost of the plant was $190 million. CABEI provided $67 million as a direct loan, and arranged for another $20 million to be contracted from local banks. Financial closure was reached in May, 2003. The plant started commercial operation on January 28, 2005, 12 months ahead of schedule.