Termoelectrica del Golfo

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The Termoelectrica del Golfo project is subdivided into two phases. TEG I includes the construction of a 230 MW fuel fired power plant that has a 20-year power purchase agreement with Cemex S.A. (Cemex is the owner of the 13 cement plants that will receive power from TEG). The surplus power from TEG I will be sold to the Comision Federal de Electricidad (SOE). TEG I involves an investment of US$ 369 million. Financial closure for this first phase was achieved in Apr. 2000: (US$ 92.4 million in sponsors equity; US$ 177.3 million from the IADB approved in Nov. 1999 (US$ 75 million in direct loan and 102.3 million in syndication); and US$ 100 million credit from Coface). Construction works on TEG I started in April and commercial operation started in 2002. The second phase of the project, TEG II, involves the construction of a 230 MW fuel fired power plant that has a 20-year power purchase agreement with Industrias Penoles, producer of refined silver, metallic busmuth, and sodium sulfate (surplus power, estimated to be 20% of capacity, will also be sold to the national grid). Phase II achieved financial closure in Oct. 2000: the US$ 239 million project will be financed with debt arranged by ABN-AMRO, credit Agricole Indosuez and ANZ, as well as a political risk insurance provided by Coface. Commercial operation of phase II started in mid-2003. None None