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In its March edition, the magazine Project Finance awarded Termobahia as “Latin American Private Power Deal of the Year 2001”. Termobahia is a joint venture of EEII AG, ABB and Petrobras.
Once completed, Termobahia will produce 350 metric tones of steam per hour with an additional power capacity of 190 MW. Most of the output will be used in a close-by refinery of Petrobras. Project construction started in July 2000. In December 2001, the Sponsors were able to leverage the Project with US$ 256 million non-recourse debt, packaged by the Inter-American Development Bank (IDB).
In its analysis, the magazine Project Finance outlined that Termobahia could become an example for more projects in Brazil to come: “The indicators are that the [project] structure will form a template for upcoming deals (…).” In addition, the magazine emphasized that the Project reduces Brazil’s one-sided dependence on hydro-electric plants, accounting for 95% of Brazil’s power generation. The magazine wrote: “gas-fired financings can be done if the sponsor is strong enough”.
Dominique Candrian, CEO of EEII AG stated that “the award is also a recognition of EEII AG’s ability to select and invest in solid private equity transactions, which are creating long term value to all stakeholders”.
Please use the link below to access the Project Finance article.
For further inquiries please contact:
Dominique Candrian, EIC Partners AG, Phone: +41 43 844 10 02.
