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ARLINGTON, Va., Dec. 31, 2002 -- The AES Corp. announced recently that its subsidiary, AES Andres, completed a $145 million non-recourse financing to fund the completion of the construction of a $400 million liquefied natural gas (LNG) import terminal, re-gasification facility, pipeline and 300 MW dual fuel-fired (natural gas and No. 2 oil) combined cycle power plant.
The medium-term, non-recourse loan is a three-tranche facility in which Banco Popular Dominicano ("BPD"), the largest bank in the Dominican Republic, acted as lead arranger. BPD led a syndicate consisting of 5 banks, which also included Banco Popular Puerto Rico, Banco BHD, Banco Mercantil, and Banco Profesional. In addition, TCW Global Project Fund, a fund managed by an affiliate of Trust Company of the West ("TCW"), provided funding for a second tranche. The third tranche consists of extended terms on vendor receivables provided by contractors on the project.
The complex of facilities is in an advanced stage of construction. The LNG terminal is expected to commence commercial operations in February 2003, supplying natural gas to an AES affiliate, the AES Los Mina power facility, which now fires oil. The Andres combined cycle power plant is expected to initiate commercial operations in August 2003.
Paul Hanrahan, President and Chief Executive Officer, stated, "We are pleased to have completed this financing during a time when AES is focused on enhancing liquidity, delevering our balance sheet and strengthening our businesses around the world. AES is focused on meeting the energy needs of the Dominican Republic and excited about this opportunity to introduce natural gas to this fast growing republic of over 8 million people."
Greg Adams, Project Director of AES Andres, commented, "We completed this financing with strong support from Dominican and international financial institutions, as well as participation from some of our largest contractors. AES appreciates the commitment BPD, TCW and our vendors have shown in helping to make this project a reality. We note that this is the largest private financing achieved in the history of the Dominican banking sector."
AES is a global power company comprised of contract generation, competitive supply, large utilities and growth distribution businesses.
The company's generating assets include interests in 176 facilities totaling over 60 gigawatts of capacity, in 33 countries. AES's electricity distribution network sells 108,000 gigawatt hours per year to over 16 million end-use customers.
For more general information visit their web site at www.aes.com or contact investor relations at investing@aes.com.
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