Porto de Sergipe I CCGT Power Plant

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The project comprises the development construction, operation and maintenance of a 1,516 MW gas-fired combined cycle power plant as well as the construction of power evacuation infrastructure to connect the power plant to the existing electricity transmission network. Power facility will be located in Barra dos Coqueiros, in the State of Sergipe. Centrais Elétricas de Sergipe S.A. (CELSE) is the special purpose vehicle established to undertake the project. The project company is a Brazilian entity 50% owned by EBRASIL Energia and 50% owned by Golar Power Ltd (joint-venture between Golar LNG and Stonepeak Infrastructure Partners). CELSE will sell its capacity and energy under 25-year regulated power purchase agreements (“PPAs”) executed with 26 electrical distribution companies. The PPAs were awarded under the A-5 2015 auction organized by the Brazilian Federal Government. Total project cost is estimated at $1,806 million and is being funded through debt and equity in 78:22 ratio. The financing structure comprises $1.43 billion of non-recourse project financing and $400 million in equity (including $123 million in cash reserve accounts) – 50:50 Ebrasil / Golar. The debt was divided into: BRL 3.2 billion ($918 million) project bonds through a private placement that was backed by SERV (Swiss Export Risk Insurance) and $488 million in loans through multilateral institutions - IFC ($200 million) and IDB Invest ($288 million). Financial closure occurred on 12th of April 2018. https://ijglobal.com/data/transaction/39433/porto-de-sergipe-i-ccgt-power-plant-15gw https://disclosures.ifc.org/#/projectDetail/SII/39652