Teco refinances 120MW San José plant

Bnamericas Published: Monday, May 17, 2004
Florida-based Teco Energy (NYSE: TE) has completed the non-recourse refinancing of its 120MW San José pulverized coal-fired plant in Guatemala, Teco said in a statement Monday. Guatemalan bank Banco Industrial led a group of 23 Central American banks and a Bermuda-based fund in the operation, which resulted in net proceeds of US$40mn and the elimination of US$11mn letters of credit provided by Teco Energy. The San José plant is near Masagua and started operations in January 2000. The refinancing was carried out by a subsidiary of Teco Wholesale Generation.

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