KMR Corporation has achieved financial close for the 314 MW gas-fired TermoCandelaria project. The plant will operate as a merchant plant, selling its power into the spot market. The cost of the project is $175m. It will be financed through a two-tranche bank facility consisting of a $90m senior loan and a $85m subordinated loan. KMR Engineering & Consulting and Siemens Westinghouse will build the plant.