Will reduce reliance on CFE, providing a more reliable source of power at a cost saving of approximately 14% Vitro is estimated to save approximately $222MM over the term of the PPA IMSA Will reduce reliance on CFE, providing a more reliable source of power at a cost saving of approximately 20% IMSA is estimated to save approximately $136MM over the term of the PPA Apasco Apasco is estimated to save approximately $52MM over the term of the PPA GE Frame 7F technology, introduced by GE in 1987, is considered mature technology, with over 100 units installed, 1.7 million fired hours and over 42,500 fired starts fleet-wide Highly efficient turbine design, low heat rate enhanced by steam output Fixed price, date certain EPC Contract with Mitsui, an experienced contractor, backed by liquidated damages Strong Financial Structure 72%/28% Debt/Equity ratio $136.5 MM Debt $52.7 MM Equity Project NPV of $23 MM Project IRR of 17.5%Ħ Transaction Merits Importance to Capacity Users Vitro (“Alcali”), a subsidiary of Vitro Up to 235 tons per hour (150 tons per hour take-or-pay) Important sodium carbonate producer and supplier to Vitro and other third parties SPA Partyĥ Transaction Merits Proven Technology Strong Financial Structure de C.V.(“Vitro”) 110 MW (44.4% of capacity) Dominant market player in Mexican glass container, architectural, and automotive glass markets S&P Rating of BB (Stable), Moody’s Rating of Ba2 Industria del Alcali, S.A. (“Vitro Corp.”), a subsidiary of Vitro, S.A.
90 MW (36.4% of capacity) Dominant market player in processed steel and automotive batteriesĤ Introduction PPA Parties Vitro Corporativo, S.A. (“IMSA Corp.”), a subsidiary of Grupo IMSA, S.A. 40 MW (16.2% of capacity) Mexico’s second largest producer of cement and ready-mix concrete Subsidiary of Holderbank Group, the world’s leading producer of cement (61.5% holding) S&P Rating of BB+ (Positive), Moody’s Rating of Baa3 Corporativo Grupo IMSA, S.A. (“Cementos Apasco”), a subsidiary of Apasco, S.A. Project Projectģ Introduction PPA Parties Cementos Apasco, S.A de C.V. Ltd.), the Natural Gas Supplier (PEMEX), Transmission Provider (CFE), and the Operator of the Facility (OEC). Other key project participants are the Turnkey EPC Contractor (Mitsui & Co. First disbursement expected during April 2001. Debt Financing will be funded by the IDB and Societe Generale. Project represents Enron’s strategic entry into Mexico’s electricity market The Total Project costs are US$ MM which will be capitalized with 72% debt and 28% equity. The Power and Steam Purchase Agreements are for a 15 year term.
With a 22 month construction schedule, Commercial Operation is expected for OctoCapacity sold to three major Mexican industrial companies (Vitro, Imsa, and Apasco), and steam produced by the facility to Alcali. March 2001Ģ45 MW natural gas-fired, cogeneration facility located adjacent to Alcali’s (a subsidiary of Vitro) sodium carbonate plant near Monterrey, Mexico Financial Closing achieved and Notice to Proceed given in December 2000. Monterrey Power Project Enron Energía Industrial de México S. L"- Presentation transcript:ġ Monterrey Power Project Enron Energía Industrial de México S. Presentation on theme: "Monterrey Power Project Enron Energía Industrial de México S.