The financing consists of $140m in senior construction and term loans and $20m in subordinated debt that is available for project contingencies and for general corporate purposes.
The financing was structured by International Finance Corporation (IFC), a member of the World Bank Group.
The proceeds from this debt financing together with equity previously invested fully funds the completion of the project, and the initial drawdown under the financing is expected to occur in December 2010.
The phased expansion of the project is designed to increase production from the current 10MW to 46MW in the first half of 2011 (Phase I), and the 46MW capacity will be expanded to 72MW in the latter part of 2011 (Phase II).
There is a long-term power purchase agreement in place with a subsidiary of Spanish utility Gas Natural Fenosa.
