IFC Financing Jamaica Energy Expansion

The IFC is lead arranger on a $95m syndicated loan to finance expansion of Jamaica Energy Partners’ power generation capacity by 65MW to 190MW, says an IFC official who declines to be identified. New York-based energy-focused private equity firm Conduit Capital is sponsoring the loan. Of the total amount, the IFC is lending $28m in 2 pieces. One is a senior loan for $19m and the other is a subordinated facility for $9m, the official says. He does not disclose terms, saying only that they will likely be long-term loans due in around 12 years. He adds that the IFC is still in talks with other banks for syndication and that ECAs and development finance institutions will probably be involved. Conduit bought Jamaica Energy Partners for less than $100m in June 2009. It had previously owned the company and sold it to Texas-based Basic Energy in December 2007 for $92.5m.