Chile's AES Gener Gets $1 Billion Credit to Develop Angamos Coal-Fired Project

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Researched by Industrial Info Resources (Sugar Land, Texas)--Chile's AES Gener S.A., through its wholly owned subsidiary Empresa Electrica Angamos S.A. (EEA), is currently developing the 520-megawatt (MW) Angamos Coal-Fired Power Plant Project in Region II of Chile.

EEA has recently finalized a non-recourse financing agreement with a syndicate of international commercial banks led by BNP Paribas (Paris, France) and ABN AMRO N.V. (Amsterdam, Netherlands). The financing for the project consists of two17-year tranches. The first tranche for $675 million is supported by the Korea Export Insurance Corporation (Antwerp, Belgium) and carries a margin of 1.5%. The other tranche is for $233 million with an applicable margin of 2.05% to 2.5%. EEA also raised $80 million credit to support a number of obligations, according to AES Gener.

The project commenced construction in May of this year and consists of two coal-fired Ansaldo turbo-generators that are 260-MW each and two Doosan boilers from South Korea. The plant will be connected to the Northern Interconnected Grid through a 220-kilovolt transmission line. EEA has also a long-term power supply contract with the Minera Escondida Limitada and Minera Spence S.A. copper mining operations. The plant is expected to be completed and operational in the third quarter of 2011.

Construction is being carried out by South Korean builder Posco Engineering & Construction Company Limited (Pohang City) under a turnkey contract. Currently, the foundations for the boiler and main equipment are being laid, the project's authorities told Industrial Info.

Posco Engineering & Construction is increasingly strengthening its presence in Central America and South America. For more details, view related April 15, 2008, article - Korea's Posco Awarded Two Contracts for Power Projects in Chile.

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