Maple Energy Ethanol Co-generation Facility

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Maple Energy Ethanol Co-generation Facility included an ethanol plant, a sugarcane plantation, construction of a 37-megawatt electricity cogeneration plant to supply power for operations, and 60-kilovolt electric transmission line to connect the Ethanol Project facilities to Peru's national power grid. The project was located the department of Piura in Peru's northern coast. The plant was to burn sugarcane waste from the ethanol distillation process to provide 100 percent of the project´s electricity needs, and enable Maple Etanol to sell excess electricity to Peru’s interconnected power system which was estimated to be approximately 17 MW of installed capacity or 46% of the plant's output. The total project cost of the ethanol plant, the co-generation plant and associated facilities was US $254 million. The total project cost of the co-generation facility was estimated at US $74 million based on a ratio of 2 million per MW associated with renewables. In December 2010, the Maple Energy Ethanol Co-generation Facility reached financial closure. Financing comprised a US $25 million loan from the Inter-American Development Bank,the Andean Development Corporation (CAF) was to finance $65 million, and the Entrepreneurial Development Bank of the Netherlands (FMO) was to finance $25 million, and a US$25 million senior secured construction and term loan with Banco Internacional del Peru (“Interbank”) The IADB loan was to have a term of 12.5 years, with a 2.5-year grace period. The interest rate was to be LIBOR plus a differential or the fixed-rate equivalent. Operations commenced in August 2012. Investment in the generation portion is an estimate based on a 2 million per MW ratio generally found in renewables per the finance team.