April 1, 2010
AEI announced that its wholly-owned subsidiary, Jaguar Energy Guatemala LLC closed long-term financing for the construction of a new 300 MW solid fuel-fired power plant located near Puerto Quetzal, Guatemala. The $350 million facility is a 10-year construction and term loan formed by a syndicate of regional and international banks led by Banca de Inversion Bancolombia Corporación Financiera, S.A. and the Central American Bank for Economic Integration.
The power plant, which will be built by China Machine New Energy Corp. pursuant to a "turn-key" EPC contract, consists of two solid fuel fired circulated fluidized bed boilers using advanced technology designed to comply with the Equator Principles and International Finance Corporation's Performance Standards and Environmental, Health and Safety Guidelines.
Jaguar Energy is contracted to sell 200 MW of its power to Gas Natural's local Guatemalan electricity distribution companies through 15-year PPA's entered into in 2008 with the remainder expected to be sold in the local Guatemalan and regional wholesale power markets. Notice to commence under the EPC contract was issued on March 29, 2010, and commercial operation is anticipated in 2013.