The PH Jilamito Project consists of the development, construction, commissioning and operation of run-of-the-river hydroelectric plant with an installed capacity of 14.8MW that will connect to the national grid via a 10.5 km / 34.5kV transmission line from the powerhouse substation to a switching substation to be built, owned and operated by Ingelsa (the “Project”). The Project will sell energy under a power purchase agreement (“PPA”) with Empresa Nacional de Energía Eléctrica (“ENEE”), Honduras state-owned electricity utility.
The Borrower is Inversiones de Generación Eléctricas, S.A., a special purpose vehicle established under Honduran law as a sociedad anónima to carry out the Project. The Borrower’s share capital is owned by Hermacasa, S.A, a company ultimately controlled by Emin J. Abufele and Simonds International Corporation.
The total cost of the Project is approximately US$74.8 million, including reserve accounts, financing costs and interest during construction. IDB Invest will participate in the financing by providing senior and subordinated loans of up to US$21.5 million. IDB Invest loans will be complemented by senior and subordinated loans from the Canadian Climate Fund for the Private Sector in the Americas (C2F) for up to US$12.5 million and senior loans from other developmental institutions.