Empresa chooses MR Power for Cali generating site

MR Power Corp. has been selected by Empresa de Energia del Pacifico to design, engineer, construct and operate a 200-MW combined-cycle generating plant in the outskirts of Cali, Colombia. The project, known as Termovalle I, will be owned and operated by the KMR/Marubeni Termovalle Consortium. The consortium consists of industry and financial partners led by KMR Power, USA, and Marubeni Corp., Japan. KMR is majority shareholder.

Chase Manhattan Bank will act as financial advisor and debt underwriter, committing to fully finance the construction loan of (US)$115 million for the project. The consortium will contribute (US)$35 million in equity.

Construction is to begin in December, with the facility entering first-phase operation by late 1996. Full capacity will be achieved in 1997. The site will use oil and natural gas fuels.