Cutuco Energy Grants CABEI mandate as Lead Arranger on LNG Facility and Power Plant

abarrelfull wrote on 19 Mar 2012 07:26
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March 6, 2008

Cutuco Energy Central America (CECA) announced today that it has granted CABEI a mandate to act as Lead Arranger for the long-term debt financing of CECA’s proposed 525 MW power plant and Liquefied Natural Gas terminal located in La Union, El Salvador.

“This mandate granted to CABEI represents a significant step forward for Cutuco Energy and brings the substantial regional experience of CABEI to the development and financing of the project,” said Bill Perkins, CEO of Cutuco Energy. “This mandate with CABEI provides Cutuco Energy with a very important strategic component for the project and shows the importance of the project to the regional energy markets in Central America. CABEI’s knowledge of the regional energy markets, and their impressive record and financing expertise in the region makes them a perfect fit for Cutuco Energy.” While just announced and not a final commitment, Cutuco Energy looks forward to the formalization of this transaction subject to the customary internal approvals by CABEI.

Cutuco Energy received its environmental permit from the government of El Salvador to construct the facility on July 25, 2007.

The Cutuco Energy project is an integrated power project which includes the construction and operation of a liquid natural gas terminal, a power generation plant, a desalinization plant and two power transmission lines. This project will provide El Salvador and Central America with reliable, low-cost and environmentally responsible energy. Cutuco Energy’s facilities will be located within the Port of La Union, which is currently under renovation, at a site chosen with technical and environmental criteria in mind. Cutuco Energy’s team has many years of experience developing natural gas and power generation projects, in addition to having comprehensive knowledge of the region.

Cutuco Energy’s plant will help meet the future power demand of El Salvador and Central America, reduce current dependency on oil and bring many environmental, social, and economic benefits to the region. Natural gas-based power generation creates less air, water, and soil emissions that pollute the environment than other technologies and is much more efficient than other sources of fuel.

• Cutuco Energy Grants CABEI mandate as Lead Arranger on LNG Facility and Power Plant

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