Burlington, MA - April 26, 2002
InterGen announced the financial close and funding of credit facilities for the La Rosita Energy, a 1065-megawatt (MW) natural gas-fired, combined cycle power facility located near the city of Mexicali, in the state of Baja California. With an estimated cost of approximately $748 million, the La Rosita project will be InterGen's third natural gas-fired electricity generating facility in Mexico.
Intergen Completes Financing on 1065-Megawatt LA Rosita Energy Facility in New Mexico
InterGen has successfully arranged US$ 563 million of non-recourse commercial bank senior debt financing for the construction and operation of the La Rosita project. BNP Paribas, Citibank Salomon Smith Barney and Export Development Canada are the joint lead arrangers under the project's Credit Agreements. ANZ Investment Bank, Bancomext, KBC and Societe Generale committed to the Facilities as Arrangers; Credit Lyonnais, Dexia, Fortis, Hypo und Vereinsbank and Nord LB committed to the Facilities as Co-Arrangers. La Rosita represents the largest financing as well as one of the most sizeable portions of bank uncovered debt yet seen on a Mexican power project.
"We are very enthusiastic to be moving forward with La Rosita. This project represents another significant step in strengthening our portfolio in Mexico," said Carlos Riva, President and CEO of InterGen.
In June of 2000, InterGen was awarded a contract to build, own and operate a 750 MW power project for Mexico's federal utility, the Comisión Federal de Electricidad (CFE). To help respond to the border region's energy needs by using infrastructure already under development at the La Rosita site, InterGen is expanding the project to a total capacity of approximately 1065 MW.
Bechtel Power is building the facility under a turnkey contract. La Rosita is expected to begin commercial operations by the first half of 2003. Natural gas for the project will be transported through a new, 212-mile pipeline extending from the California/Arizona border to Mexicali. InterGen has invested $20 million in the construction of a sewage treatment facility in Mexicali to purify local sewage water to cool the plant. InterGen subsidiaries will provide operations and energy management services to the project.
La Rosita will have a significant positive economic impact on the border area, creating approximately 60 permanent, full-time operations period jobs, as well as approximately 1,200 peak construction period jobs.
InterGen is a global power generation firm. The company is operating or building a total of 20 power stations representing 15,940 MW. It also has over 5000 additional MW of projects in active development. InterGen has projects operating, under construction or in active development in the United States, the United Kingdom, the Philippines, Colombia, Mexico, China, Egypt, Turkey, Brazil, Australia, the Netherlands, Spain and Singapore. InterGen is a Shell-Bechtel venture.