Mamonal Gas-Fired Power Plant

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The initial phase of this project (Mamonal 1 and 2) with a total capacity of 100-MW was the first private sector power project financed on a non-recourse project-finance basis in Latin America. The first two plants required an investment of US$ 70 million. The facility, which started commercial operation in June 1993, is leased to Proelectrica SA under a 14-year arrangement. Proelectrica, in turn, sells capacity and energy from the plant to its 24 shareholders (primarily petrochemical and other industrial companies). The excess energy is sold to the local grid (Electribol). In a second phase the project included the development of a third power plant (Mamonal 3) that increased the installed capacity up to 200-MW. The total investment in the project was $130 million. The main developers/sponsors are KMR Power (USA), Scudder Latin American Trust, and the Rockerfeller Group. In 2000, AES acquired KMR Power for US$ 53 million, which made AES the controlling shareholder of Proelectrica (62% stake). None None