The signing took place in Frankfurt, Germany. FPTG will use the loan to finance a 200 MW diesel-engine peak-load electricity generation plant delivered by MAN Diesel SE, Augsburg, Germany.
The power plant is located in Garabito on the Pacific coast of Costa Rica and will consist of 11 medium speed diesel engines with an installed capacity of 16-20 MW each. Construction has started and commercial operation is expected for January 2011. FPTG is a special purpose company established by the national state-owned energy and telecommunication service provider ICE (Instituto Costaricense de Electricidad) to raise the financing for the Garabito project.
The financing builds on an operating lease structure with ICE making the lease payments to FTPG. Combining structured long-term export credit financing with a leasing structure, the financing structure provides an innovative and unique solution in the energy sector. KfW IPEX-Bank provides the funding through a 13 year fixed interest rate loan on a CIRR basis (Commercial Interest Reference Rate).
The Garabito project is key for ICE's objective to develop new generation capacity in Costa Rica and secure the country's power supply. The demand for electricity in Costa Rica is presently increasing at an annual rate of 6%. The country currently generates approximately 78% of its electric power via hydroelectric power plants. Due to seasonal limitations on the operation of the hydroelectric power plants the diesel-engine backed peak-load electricity generation plant at Garabito is essential to secure and stabilize the power system in Costa Rica.
About KfW IPEX-Bank GmbH
Within KfW Bankengruppe KfW IPEX-Bank GmbH provides project and corporate financing as well as trade and export financing domestically and abroad. Worldwide it conducts all market activities of KfW Bankengruppe that are carried out on commercial terms. KfW IPEX-Bank GmbH has been operating as a legally independent subsidiary since 1 January 2008 and contributes significantly to the promotional mission of KfW Bankengruppe. It has approx. 490 employees (as of June 2009) and is represented in the key economic and financial centres throughout the globe.
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