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January 22, 2008 |
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INDUSTRIAS METALURGICAS: Gets Edelca Tocoma Hydro Contract Industrias Metalurgicas Pescarmona SA has received a contract from Venezuela's state-run hydro generator Edelca to design, build and deploy the Tocoma hydro project's turbines, Business News Americas reports. Industrias Metalurgicas said in a statement that the contract is over US$520 million for ten 232-megawatt Kaplan turbines that will be used in the 2,330-megawatt Tocoma plant on the Caroni river. The plant will generate a total of 12.1 terra watt-hours per year. The International Water Power and Dam Construction relates that the contract involves the supply of other equipment like: -- excitation systems, -- transformers, and -- cranes. Industrias Metalurgicas told the International Water that the procurement process for the equipment started in 2004. According to BNamericas, the Andean Development Corporation signed this month a US$600-million loan to partially fund the project. The corporation had authorized a similar loan of US$300 million for the complex in 2004. BNamericas notes that the Inter-American Development Bank is funding US$750 million of the project. Investment for the plant would be over US$3 billion. It will be operational in 2014, BNamericas states. Industrias Metalurgicas Pescarmona SA aka IMPSA -- http://www.impsa.com.ar/ -- is one of the largest worldwide providers of integrated energy solutions for hydropower and wind energy projects through the production of capital goods and by investing in power generation projects. The company has offices in Malaysia, China, and Argentina. As reported in the Troubled Company Reporter-Latin America on Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its 'B' long-term corporate credit rating on Industrias Metalurgicas Pescarmona S.A.I.C. y F, aka IMPSA. Standard & Poor's said that the outlook remains stable. Oct. 16, 2007, Fitch Ratings assigned a 'B' rating to Industrias Metalurgicas Pescarmona S.A.I.C. Y F proposed US$250 million amortizing notes due in 2014. These notes were assigned a Recovery Rating of 'RR4', which is consistent with an anticipated recovery of 30%-50% in the event of a default. Fitch maintains a foreign and local currency Issuer Default Rating of 'B'. Fitch said the rating outlook is stable. |
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