Qinglan Electric Power Plant

cancelled

This diesel combined-cycle power plant had a generating capacity of 154-MW. In 1997 the plant still ran on distillate fuel, but planned to switch to gas supplied from a local field developed by Enron. The plant had been operational since February 1996 under a 15 year BOT contract. The plant had a PPA with Hainan Electric Power Co.. Enron Development Corp., the original developer of the project, sold 50% of its interest to Enron Global Power & Pipelines L.L.C., with the other 50% sold to Singapore Power International in February 1996 for an undisclosed sum. US$100 million was raised in 144a debt issue with the remainder financed through equity. In its fiscal year 1996, MIGA issued a US$16.7 million guarantee to Atlantic Commercial Finance, B.V., of the Netherlands, a wholly owned subsidiary of Enron Corporation of the United States, for its equity investment in Qinglan Electric Power Plant. MIGA’s guarantee covers the risks of currency transfer, expropriation, and war and civil disturbance. In 2000, the Hainan Wenchang Qinglan power plant was bought back from Enron by the Hainan provincial power company. None None