Best Power Financing

Best Power Financing

Corporate & Sovereign Strategy

The Kelar combined cycle gas-fired power plant in Chile has brought together some of the strongest international sponsors and commercial lenders with sovereign debt. The diverse package, signed in October 2014, included a $196 million direct loan from the Export-Import Bank of Korea (Kexim), $249 in commercial bank debt, a short-term $40 million VAT facility and $32 million in letters of credit.  South Korean companies Kospo and Samsung C&T, are developing the project, which will power BHP Billiton’s Escondida, Cerro Colorado and Spence mines. Lenders had to get comfortable with a number of the project’s unique elements, including Kelar’s isolation from the grid. That arrangem

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