KfW IPEX-Bank provides financing for 200 MW power project in Garabito /Costa Rica

Frankfurt am Main (ots) - KfW IPEX-Bank together with HSBC Bank
plc has successfully arranged and signed an Euler-Hermes covered
export credit financing of USD 235 million on 8 June 2009 with
Fideicomiso Planta Termica Garabito (FPTG) in Costa Rica as borrower.
The signing took place in Frankfurt, Germany. FPTG will use the loan
to finance a 200 MW diesel-engine peak-load electricity generation
plant delivered by MAN Diesel SE, Augsburg, Germany.

The power plant is located in Garabito on the Pacific coast of
Costa Rica and will consist of 11 medium speed diesel engines with an
installed capacity of 16-20 MW each. Construction has started and
commercial operation is expected for January 2011. FPTG is a special
purpose company established by the national state-owned energy and
telecommunication service provider ICE (Instituto Costaricense de
Electricidad) to raise the financing for the Garabito project.

The financing builds on an operating lease structure with ICE
making the lease payments to FTPG. Combining structured long-term
export credit financing with a leasing structure, the financing
structure provides an innovative and unique solution in the energy
sector. KfW IPEX-Bank provides the funding through a 13 year fixed
interest rate loan on a CIRR basis (Commercial Interest Reference
Rate).

The Garabito project is key for ICE's objective to develop new
generation capacity in Costa Rica and secure the country's power
supply. The demand for electricity in Costa Rica is presently
increasing at an annual rate of 6%. The country currently generates
approximately 78% of its electric power via hydroelectric power
plants. Due to seasonal limitations on the operation of the
hydroelectric power plants the diesel-engine backed peak-load
electricity generation plant at Garabito is essential to secure and
stabilize the power system in Costa Rica.

About KfW IPEX-Bank GmbH

Within KfW Bankengruppe KfW IPEX-Bank GmbH provides project and
corporate financing as well as trade and export financing
domestically and abroad. Worldwide it conducts all market activities
of KfW Bankengruppe that are carried out on commercial terms. KfW
IPEX-Bank GmbH has been operating as a legally independent subsidiary
since 1 January 2008 and contributes significantly to the promotional
mission of KfW Bankengruppe. It has approx. 490 employees (as of June
2009) and is represented in the key economic and financial centres
throughout the globe.

Originaltext: KfW-IPEX-Bank
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Contact:
Dela Strumpf
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
Pressestelle: E-Mail: dela.strumpf@kfw.de
Tel. 069 7431-2984, Fax: 069 7431-9409, E-Mail:
info@kfw-ipex-bank.de, Internet: www.kfw-ipex-bank.de