Parana deal closed

Project developer AES Parana has completed a $448m financing for its 826 MW natural combined cycle power plant in San Nicolas, Buenos Aires. The facility will operate as a baseload plant, selling its output directly into the Argentine wholesale electricity market.

AES Parana is jointly owned by AES Corp. and PSEG Global Inc. of the USA. The Inter-American Development Bank (IDB) and the Export-Import Bank of Japan have provided the investment for the project. The plant will use natural gas fuel, with commercial operation scheduled for the third quarter of 2001.

Parana is being constructed by a consortium of Mitsubishi Corporation and Nichimen Corporation.