News
08 October 2020
Arroyo closes Pemcorp gas-fired project refi
In:
Traditional energy
Region:
Americas
On 18 September Arroyo Energy closed a roughly $170 million seven-year debt package to refinance its 131MW Pemcorp simple-cycle gas-fired project in Mexico.
The project, located in Pesqueria, Nuevo Leon and brought online in October 2018, is backed by a 20-year PPA with South Korean carmaker Kia Motors and Hyundai Engineering and Construction.
SMBC, Natixis and ING arranged the refinancing. Astris Finance is Arroyo's financial adviser on the deal.
The deal was previously expected to close in April, but Covid-19-related problems led to delays. SMBC and Natixis also participated in the project's primary financing in 2018, alongside Korea Development Bank. The $126 million five-year debt package was priced in the high 200 bps over Libor.
