AEI Readies Guatemala Power Plant A/B Loan

AEI, the developer formerly known as Ashmore Energy, is preparing a $510m A/B loan package for its 300MW Jaguar Energy coal-fired power plant in Guatemala. The IDB and IFC will provide $300m split into two A loans whose values are still to be determined. The two multilaterals will then support $210m in two B loans to be syndicated by BNP Paribas, Mizuho and Scotia. The loans are expected to have minimum tenors of 14 years, with 15 years being sought for the A loans and 17 years targeted for the B loans. The transaction – among the largest project finance deals to come out of Guatemala – is expected to cost more than $700m, with AEI providing the remainder in an equity tranche. Construction is set to begin by the end of the year and finish by 2012. The facility has two 15-year PPAs with Distribuidora Electrica de Oriente and Distribuidora Electrica de Occidente, local units of Spain’s Union Fenosa.