Alto Maipo achieves its first loan and investment of the project amounts to U.S. $ 2,000 million
In September the U.S. institution approved the operation and resources are expected to be released later this year or early 2014
Securing funding is one of the milestones that AES Gener must comply in order to begin the definitive works of Alto Maipo hydroelectric complex (531 MW), what would happen before the end of the year, according to what was said a few days ago by the general manager of the Electrical, Felipe Ceron.
A few weeks ago Alto Maipo SpA, the company of which depends on the project and which involved electrical (60%), Antofagasta Minerals (40%) began to move in this direction, as did tie one of the three credit totaling $ 600 million, since 2012 the company is managed internationally.
On September 19, the Overseas Private Investment Corporation (OPIC), financial development institution of the government of the United States, authorized the first U.S. $ 250 million.
People who knows the process explained that resources would be released later this year or early 2014, it still needs to finalize some paperwork, and signing loan documents and provide guarantees, among others.
Regarding the International Finance Corporation (IFC) of the World Bank, where the company is seeking U.S. $ 150 million, the transaction status is “pending”, but in the electronic record set September 30th as a target date of pronouncement .
Similar is the situation before the Inter-American Development Bank (IDB) that requested the $ 200 million to complete the international financing, where the status of the operation is “in preparation”.
Corrected Investment
As part of its transparency policies the IDB published a few days ago all documentation presented by Alto Maipo in the process, among which contained a series of studies conducted by AES Gener on behalf of these financial institutions, they did together with the due diligence of these operations, to rule out inter alia environmental impacts on sediment and other water users in the area.
This file also contains a report of an IDB team dated September that updates the project investment and rises to U.S. $ 2,000 million, compared to U.S. $ 1,600 million were handled formally, although the IFC documentation speaks july that the complex cost was U.S. $ 1,900 million.
The IDB also indicates that the Alto Maipo formula considers that 60% of the project, or U.S. $ 1,200 million will be covered by debt (U.S. $ 600 million will be managed in a syndicated loan with local banks), while 40 % is in equity and considering the interests of the partners, AES Gener would cover $ 480 million and AMSA the other U.S. $ 320 million.
Source: Diario Financiero
