PROJECTS / Termocandelaria 314 MW Power Station

Termocandelaria 314 MW Power Station

Latin America and the Caribbean

October 22, 2020

K&M served as the Financial and Technical Advisor for the project sponsor of this 320 MW gas-fired power plant in Cartagena. The Termocandelaria power plant was developed under a Build-Own-Operate (BOO) project financing structure, and it was the first power plant developed with private, non-recourse financing to operate as a merchant plant in Colombia’s spot market. K&M analyzed dispatch and hydrology over a long time horizon and developed an innovative financial structure with an institution to guarantee 50% of the debt financing. This provided a viable platform to attract commercial banks to the project. K&M approached commercial lenders, negotiated loan agreements, and succeeded in raising US$190 million for the project, which reached financial close in 1999. After financial closing, K&M served as Owner’s Engineer to the project developer. In this phase of work, K&M’s services included conceptual and detailed engineering design, construction management, equipment procurement, environmental permitting, inspection, testing, startup, operation and commissioning of the plant. In consortium with Siemens Westinghouse, which provided the combustion turbine generators, K&M procured and constructed the balance of the plant’s equipment and materials. The facility consists of 2×150 MW gas turbines, a 220kV switchyard, 1km of double circuit 220 kV transmission line, water and wastewater treatment systems and miscellaneous support facilities.

IPP Advisor for Contract Renegotiat

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