Termoguayas Floating Power Plant

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On June 29, 2005, Ecuador’s federal power regulator Conelec awarded a 15 year contract to Termoguayas Generation SA (TGSA) to build and operate competitively a 150 MW thermal generation plant for Esclusas, the southern section of Guayaquil. The project was slated to increase the security of Ecuador’s power supply. It was part of the larger La Josefina electric power complex which included power barges owned by Intervisa Trade and Ulysseas. Termoguayas Generation SA was a wholly owned subsidiary of Keppel Energy Pte Ltd, a Singapore energy company. The project reached financial closure on January 20, 2006 when TGSA signed the contract with Conelec. Power generation was to be provided by plants on barges that were redeployed from Brazil. TGSA possessed the assets at the time of contract signing and committed US $15 million to become operational and build transmission lines connecting to the national grid. TGSA was to gain revenue from competitive sales on the national grid as well as contractual payments by Conelec for generation capacity. Based on MIGA's insurance the estimated project cost was US$103 million. On December 1, 2006 the power barges became operational and began supplying power to the national grid.