Tractebel/BNP Baymina Plant

active

Tractebel's BOO 763MW Baymina Plant reached financial closure in November 2002. The $360m deal was covered by various multilateral tranches from MIGA, Exim, OeKB, Hermes and OND. The deal was the first major long-term international debt financing to close since the Lira was heavily devalued in early 2001. The project cost was US$490m giving a debt equity split of 75/25. Construction started in July 2001. The plant started operation in February 2004. The project was backed by a 15-year offtake contract with Turkish Electricity Trading & Contracting Company (TETAS) with gas supplied by Botas. The project received a MIGA guarantee in 2002, of US$115.4 million. The guarantee covered Tractebel SA and BNP Paribas for US$35 million and US$80.5 million respectively, to cover their loan guarantee to the project (US$39 million) as well as the US$84.7 million non-shareholder loan to the project company. The guarantee spanned 15 years, and covered: transfer restriction, expropriation, war & civil disturbance, and breach of contract. http://www.miga.org/screens/projects/guarant/regions/eca02/bnp-tractebel-turkey.htm http://www.suezenergyint.com/content/activities/middleeastasia/turkey_baymina.asp