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ICBC (Argentina) contributes to $136 million syndicated loan tranche for 567MW Ensenada Barragán Thermal Power Plant Conversion Project (Linked to Record ID#92291)
| Funder | Industrial and Commercial Bank of China (Argentina) Limited (ICBC (Argentina)) |
|---|---|
| Recipient Organization | CT Barragán S.A. (CTB) |
| Country | Argentina |
| Start Date | Jun 25, 2019 |
| End Date | Mar 18, 2032 |
| Duration | 4,650 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 92290 |
Grant Description
ICBC's contribution to USD 170 million dual-tranche syndicated loan for the 567MW Ensenada Barragán Thermal Power Plant Conversion Project On June 25, 2019, CT Barragán S.A. (CTB) — a special purpose vehicle that is jointly owned by Pampa Energia (50% equity stake) and YPF S.A. (50% equity stake) — signed a $170 million syndicated loan agreement with a group of 5 lenders for the 567MW Ensenada Barragán Thermal Power Plant Conversion Project.
The members of the lending syndicate were Citibank, N.A., Banco de Galicia y Buenos Aires S.A.U., Banco Santander Río S.A., HSBC Bank Argentina S.A. and Industrial and Commercial Bank of China (Argentina) S.A. (ICBC).
Record ID#92290 captures ICBC's estimated contribution to the $136 million tranche. Record ID#92291 captures ICBC's estimated contribution to the $34 million tranche.
The loan was collateralized against a pledge of shares in CT Barragán S.A (CTB), and payment, compensation and/or damages under an insurance policy, which covered CTEB’s open cycle’s operating risk.
On March 25, 2022, CTB and the lenders executed a amendment to the June 25, 2019 agreement, which reset the loan's maturity date to October 1, 2022 and changing the loan's interest reference rate from LIBOR to SOFR. During the fiscal year that ended on December 31, 2022, CTB repaid the loan in full.
The purpose of the project is to convert the Ensenada Barragán Thermal Power Plant — known in Spanish as Central Térmica Ensenada Barragán (CTEB) — into a combined cycle plant to become more efficient. CTEB is the sixth Central Térmica (CT) in the Province of Buenos Aires, located in Ensenada city, Greater La Plata.
It is composed of two Siemens GT commissioned in 2012 for 567 MW, representing 1.3% of Argentina’s installed capacity. The power plant may consume natural gas or gas oil, and has two storage tanks with a combined capacity of 45,000 m3. The conversion to a combined cycle plant is expected with the commissioning of a 280 MW Siemens steam turbine.
The new combined cycle plant was inaguarated on January 30, 2023.
Staff Comments
- The Spanish project title is Central Térmica Ensenada Barragán (CTEB).
- AidData has estimated the all-in interest rate of the $34 million loan tranche by adding 6.25% to average 6-month LIBOR in June 2019 (2.301%).
- The size of ICBC’s contributions to the $136 million loan tranche and the $34 million tranche are unknown. For the time being, AidData assumes equal contributions across the five members of the syndicate ($136m/5=$27.2m and $34m/5=$6.8m).
- From 2013 to 2021, CTEB’s historical average annual generation amounted to 1,287 GWh, with a generation record high of 2,093 GWh in 2016 and a record low of 255 GWh in 2020. Pampa was scheduled to operate CTEB until July 2023, alternating its operation with YPF S.A. for 4-year terms. It has a 50% equity stake in CT Barragán S.A., a project company (special purpose vehicle) whose only asset is CTEB
Sources & References
- Annual report and financial statements 2021
- Ensenada Barragán Thermal Power Plant (‘CTEB’)
- Ensenada Barragán power station
- Pampa Energia CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022 AND 2021 FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020
- Central Térmica Ensenada Barragán
- Ensenada: inauguran obra eléctrica para abastecer a 1.500.000 de hogares e industrias
- Pampa Energía e YPF inauguraron el nuevo ciclo combinado de la central térmica Ensenada Barragán
- Se inauguró el ciclo combinado de la Central Térmica Barragán Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
CT Barragán S.A. (CTB)
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