May 15, 2019 |
Energy company requests a $115m loan to build a thermal power plant and a transmission line in El Salvador
Energía del Pacífico (EDP) has asked IDB Invest for an 18-year loan for up to $115m to help build a 378 MW thermal power plant and a 44km transmission line in El Salvador.
IDB Invest will ask the China Co-financing Fund for Latin America and the Caribbean to contribute $50m to the financing, according to a document on the multilateral lender's website.
EDP, owned by the US energy company Invenergy and the local firm Quantum Energy, lined up a $350m loan from the US development bank OPIC in late March. It has also discussed a $560m financing package with the World Bank and the IFC.
EDP plans to raise 70% debt for the $850m project and cover the rest with equity. The project, which includes a pipeline and a marine terminal, is expected to be the lowest cost thermal power generation facility in El Salvador, according to IDB Invest.
The IDB Invest board is scheduled to review the proposed loan on September 17.