Termobarranquilla SA

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Termobarranquilla SA (TEBSA) was created to develop, operate and own a 750-MW gas-fired combined-cycle plant. The company also had to rehabilitate and operate an existing 230-MW thermal power plant. The total cost of the project is about $750 million. The project contract stipulates that all electrical output from Tebsa will be purchased under a 20.5-year power purchase agreement with Corelca, Colombia's state owned electricity utility. Payments under the power purchase agreement are guaranteed under a Colombian program for private power administration by Financera Energetica Nacional (FEN), a division of the Ministry of Energy. The project was awarded by Corelca to ABB Energy Ventures and Energy Initiatives in July 1993. Termobarranquilla's equity is owned by ABB Energy Ventures (28.5%), Energy Initiatives (28.5%), and Corelca (43%). Corelca's contribution is its existing assets. ABB is the turnkey contractor for the project and Energy Initiatives is the O&M manager. Construction began in April 1995 and is expected to be complete within three years from the construction start date. None None