San Pedro Power Plant expansion and conversion (phase 1)

active

Prospective

The project involves the expansion and conversion to combined cycle of the San Pedro power plant in Argentina. The first phase of the conversion project consists of the installation of a 55MW steam turbine, 3 heat recovery steam generators, an aero-condenser and various other auxiliary components which will increase aggregate plant capacity to 209MW and enhance energy efficiency by 25%. The power generated by the plant is injected into the grid through the San Pedro station, owned by TRANSBA. The sponsor of the project - SPI Energy, a subsidiary of SCC Power, issued through a public offering in the Argentine market 2 series of USD-Linked senior secured notes for an aggregate principal amount of $135 million. The issuance comprises: $33.49 million, 4.00% Class 1 Senior Secured Notes due 2026; and $101.50 million, 6.75% Class 2 Senior Secured Notes due 2032. The notes are secured with first priority liens on SPI Energy's rights under the project, including the combined cycle PPA with CAMMESA, and the project's EPC contract and equipment. Both bonds are callable at any time once the project is finalized. Lead arrangers and structuring agents of the issuance were Banco de Servicios y Transacciones, Banco de la Provincia de Buenos Aires and Banco Supervielle. The combined cycle is expected to become fully operational by February 2024. Financial close was achieved on 27 June, 2022. https://www.prnewswire.com/news-releases/scc-power-announces-that-its-subsidiary-spi-energy-has-raised-us135-million-to-fund-the-expansion-of-the-san-pedro-power-plant-301579285.html IJGlobal: SSC Power to issue bonds for CCGT plant

Energy

Argentina

World Bank Group

Project

Cable car, Wind, Power Generation (CCGT), Automotive, Fertilizers, Raw Materials, Telecommunications, Government