Termovalle Power Plant

Active

Prospective

Termovalle SCA ESP was created to develop a 200-MW power plant through the joint venture of KMR and Marubeni. The project was awarded to KMR in 1995 by Empresa de Energia del Pacifico (EPSA), an state-owned public utility that provides electricity in the Cauca Valley. EPSA also agreed to a 20-year power purchase agreement with KMR/Marubeni for 160-MW per year. The remaining capacity would be sold to industrial customers. Construction of the first unit (137-MW) began in May 1996 and commercial operation began in May 1997. The remaining 72-MW should be available after the combined cycle operations are completed in spring 1998. Termovalle is the first private utility project entering into a PPA without a government guarantee. The main project developers/sponsor are KMR Power Corp (USA), Marubeni Corp. (Japan), FPL Group, and Scudder Latin American Power Fund. In 1997, the IADB approved an $35 million A loan and an $67.3 million B loan to the project company. In 2000, AES acquired KMR Power for US$ 53 million, but the transaction involved the transfering of the TermoCandelaria and Mamonal power plants to AES. KMR's formerly shareholders retained KMR's interest in Termovalle.

Energy

World Bank Group

Project

Power Generation (CCGT), Government, Manufacturing (Industrial), Power Transmission, Commercial