T-Power announced today the financial close of its 420 MW CCGT (Combined Cycle Gas Turbine) independent power project in Tessenderlo, Belgium.
T-Power announced today the financial close of its 420 MW CCGT (Combined Cycle Gas Turbine) independent power project in Tessenderlo, Belgium. Agreement was reached in Brussels with a consortium of 10 banks to provide € 440 million of non-recourse project finance to the company. T-Power NV is a joint venture initially set up between Siemens Project Ventures GmbH, Tessenderlo Chemie NV and Advanced Power AG to build, own and operate a CCGT plant on the Tessenderlo Chemie industrial park at Tessenderlo, Belgium.
The lead developer Advanced Power has subsequently sold its share in T-Power to International Power plc. Today, T-Power achieved financial close of the € 440 million facility with a bank consortium consisting of BBVA, Calyon, DZ, ING, KBC, KfW, Lloyds, RBS, WestLB and Fortis, who also advised the project company. T-Power signed a Gas Tolling Agreement with Essent Trading on 13 August and on 15 September 2008, T-Power engaged EPC contractor Siemens AG Sector Energy to supply the combined cycle single shaft power plant (SCC5-4000F) and maintain the gas turbine under a long term service contract.
The project will contribute through its local energy delivery to the competiveness of Tessenderlo’s chemical operations. T-Power will commence operation in 2011. International Power plc will supervise the T-Power construction programme and will operate the power plant under a long term agreement.
Reaching financial close during the currently challenging credit market conditions is a significant achievement for the T-Power development team and its shareholders, highlighting the quality of the project. T-Power will account for approximately 2.5% of the Belgian installed generation capacity and represents an important milestone for increased competition in its power markets.
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