june 1999 termovalle achieves commercial operation · pacífico (epsa), one of colombia’s largest...

K&M Engineering and Consulting Corporation 1

Termovalle Achieves Commercial Operation

June 1999

In December 1998, KMR Power’slatest private power plant suc-

cessfully reached commercial op-eration. The 240 MW TermovalleProject, located in Cali, Colombia,represents a series of “firsts” forKMR.

Termovalle is widely recog-nized as the first major emergingmarkets, PPA-based independentpower project to be implementedwithout any government guaran-tees.

The project utilizes Seimens-Westinghouse 501F gas turbinetechnology. It serves the powerneeds of Empresa de Energía delPacífico (EPSA), one of Colombia’slargest utilities, under a 21 yearpower purchase agreement (PPA).Under the PPA, Termovalle sup-plies EPSA with 140 MW of power; the remaining capacity and asso-ciated energy will be sold to other companies in the area, on theopen pool system (Bolsa), or to EPSA.

K&M Engineeringserved as Owner’s En-gineer on this project.Construction was com-pleted by affiliates ofthe Marubeni Corpora-tion of Japan under aturnkey EPC contract.Operations and maint-enance services arebeing provided byNorth American EnergyServices Company. Fuelsupply and transporta-tion is being providedby Colombia’sEcopetrol.

The Termovalleproject was financedwith 75% debt and 25%

equity. The Chase Manhattan Bank and Fuji Bank provided the con-struction financing with the term debt provided by the Inter-Ameri-can Development Bank (IDB) and Financeria Energética Nacional(FEN), the Colombian government entity responsible for the promo-tion and financing of investments in the Colombian energy sector.Chase Manhattan Bank, Sakura Bank, Bank of Tokyo, ABN-AMRO,Marubeni Leasing and Fuji Bank participated in the IDB “B” loan.

Termovalle’s construction financ-ing was unprecedented in LatinAmerica. It was achieved through anunderwritten commitment for 100%of the project’s debt requirements,and it was fully in place prior to bidsubmission.

KMR Power and Marubeni arethe project sponsors. FPL Interna-tional and Scudder Latin AmericanPower Fund also have an indirectinterest in the project.

In early December, theTermovalle staff, headed by KMROperations Manager Denis King andTermovalle General Manager WilsonNegrete, visited the office of theMayor of Palmira Valley to receive acommemorative award. Mayor JoseAntonio Calle Forero presented

Official Decree No. 791 praising Termovalle’s contribution to theregion’s energy sector and industrial growth. The Decree noted “withgreat pride that the Palmira community counts on a multinationalfirm of recognized vocation and leadership in the area of generationand commercialization of energy.” It also praised the Termovalleteam for its “pro-business devel-opment work,generation ofproductive em-ployment andapplication ofclean technology,which results inlow environmen-tal impact.” (Seephotos page 2.)

“KMR is proudto continue itstradition of suc-cess in Colombiawith theTermovallePower Project,” commented George Kappaz, KMR’s President andChief Executive Officer. “As a company, we are dedicated to thebright future of Latin America and look forward to providing clean,safe, efficient electric power to Colombia for years to come.”

For further information, contact KMR Communications DirectorJulie Kennon at KMR Power or K&M Project Manager Riad Khalil atK&M-Washington. n

See Termoval le page 2

Termovalle Project team meeting at KMRPower headquarters in Arlington, Virginia

KMR Termovalle Operations Manager DenisKing (left) and Termovalle General ManagerWilson Negrete (right), overlooking Wash-ington horizon

240 MW Termovalle I oil/gas-fired,combined-cycle plant utilizing 501F technology

2 K&M Engineering and Consulting Corporation

Termovalle Receives Condecorationfrom Mayor of Palmira Valley

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Contributors ( W a s h i n g t o n )

Conal Duf f yJul ie Dorment Kennon

Guy KnowleKaren Harber t Mitche l l

John RezaiyanLoren Rodwin

Henry St e ingas s

Contributors (Co lombia)

Ange la PinzonCarolina Vides

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Termovalle Employees and FamilesTour Newly Commissioned Plant

(Top Left) Termovalle Project Team atcommemorat ion c eremony

(Bottom Left) KMR Termovalle Opera-tions Manager Denis King (2nd fromleft) with Palmira Valley Mayor JoseAntonio Calle Forero (3rd from left),and the mayor ’ s ass i s tants

(Right) Termoval l e General ManagerWilson Negrete rece ives condecorat ionfrom Palmira Valley Mayor Jose Anto-nio Calle Forero

Termoval l e pro j e c t employees and the ir famil i e svisit “Miracle Lord” monument in Buga, CaucaValley to give thanks for successful completion ofpower plant

“Family Day” at the newly completed Termovalle PowerPlant. Employees and their families were treated to tourof the facility.


K&M Inthe News

COLOMBIA

TERMOCANDELARIAPROJECT

“KMR Power DevelopingTermoCandelaria MerchantPower Plant in Cartagena”Private Power ExecutiveJanuary, February

“TermoCandelaria to goOnl ine in ‘99”South America ReportN o v e m b e r

“West inghouse WinsColombian Contract”Power EconomicsN o v e m b e r

“314 MW Plant to be Builtat Cartagena”Modern Power SystemN o v e m b e r

“K&M 300-MW MerchantSells to Spot Market”Gas Turbine WorldN o v e m b e r - D e c e m b e r

“KMR’s 314 MWTermoCandelaria inColombia to Use SiemensWes t inghouse Turb ine s”Global Power ReportO c t o b e r

GENERAL

“K&M/KMR ExecutiveP r o f i l e ”Feature/Cover StoryPrivate Power ExecutiveJ a n u a r y/F e b r u a r y

“K&M to Make Fact-FindingTrip to El Salvador”Business News AmericasApril

“Financing Cleaner AsianP o w e r ”Conference ReportGlobal Private PowerJ a n u a r y

“Riyadh se t to host 2-dayworkshop on IPPs” ArabNew sN o v e m b e r

K&M was selected by the Government of Mauritius, Ministry of Public Utilities,

to conduct a feasibility study for development of aprivate power facility. K&M will lead a project teamconsisting of Kuljian Corporation of Philadelphia,Pennsylvania and Servansingh Jadav & PartnersConsulting Engineers Ltd. (SJP) of Mauritius tostructure the technical,commercial, and financialcomponents of the project.

The feasibility study,funded by the U.S. Tradeand Development Agency(USTDA), is expected to becompleted by the thirdquarter of 1999. It willassist the Ministry of PublicUtilities and the CentralElectricity Board to deter-mine the project’s location,most appropriate technol-ogy, optimal size, fuelsource, and associatedtransmission requirements.The first phase of theproject has a targetcompletion date of 2003.

The proposed plant, the largest to be developedin Mauritius, will be the first international competi-tively bid independent power project (IPP) for thisisland nation. Located in the Indian Ocean east ofMozambique, Mauritius has no indigenous fossilfuel sources. The new plant will help the countryto meet demand growing at 8-10% per year due toMauritius’ expanding industrial base and servicesector.

K&M will provide a project team with an extensivebackground in IPP project structuring and financing,engineering, design, construction management, andoperations. “We are excited about the opportunity toassist Mauritius to expand its power generation ca-pacity. The country’s investment environment is oneof the most stable in the region. It is our goal to pro-

vide the caliber of advisoryservices that will assistMauritius to structure a projectthat will attract leading interna-tional developers,” remarkedK&M Technical Director andProject Manager, MartinTormey.

“Worldwide investment inthe power sector is growingexponentially and U.S. busi-nesses are uniquely positionedto provide top-quality technol-ogy, equipment and services tomeet this growing need,” saidJohn Richter, USTDA’s Directorfor Africa and the Middle East.“USTDA is pleased to providethis grant to simultaneously

support the development of this IPP and to promoteU.S. exports.”

Kuljian Corporation is a multidisciplinary architec-tural engineering firm with extensive experience inenergy and power plant engineering.

Servansingh Jadav & Partners Consulting EngineersLtd. is a Mauritian engineering firm with civil andenvironmental engineering experience.

For further information contact K&M TechnicalDirector Martin Tormey at K&M-Washington. n

KMR Power Consortium AnnouncesEPC Award for Ghana Project

KMR announced in April that a consor tium comprised of SK Engineering and

Construction Co., Ltd. and Samsung Corporation(both of Korea) had been selected as “prime candi-date for award” to perform the turnkey supply ofengineering, procurement and construction servicesfor the Ghana Industries Power Project.

The award followed a competitive tender in-volving bids from a group of prominent EPC con-tractors and turbine suppliers. KMR will begin EPCAgreement negotiations immediately.

The Ghana Industries Power Project is a 220MW combined-cycle, gas-fired project currently inan advanced stage of development with the KMRPower-led consortium, which also includes Emerg-ing Power Development, Ltd. (EPDL) of the UnitedStates.

The KMR/EPDL consortium was awarded theright to build, own and operate the plant in No-vember of 1997. The principal power purchaserswill be Ashanti Goldfields, one of the largest gold

K&M Awarded Feasibility Studyfor Mauritius IPP

mining companies in Africa, and the Electricity Com-pany of Ghana, which will onsell most of the energyto the Minergy Partnership, a group of several largemining and industrial companies.

The project is an important step in theGovernment’s efforts to promote development ofprivate power in Ghana and is critical to the eco-nomic development of the country.

This plant will represent the first privately fi-nanced IPP in Ghana and will provide long-term,cost-effective power to the mining and industrial sec-tors.

KMR Power President and CEO, George Kappaz,praised the SK/Samsung team for their success. “Wewere impressed with this consortium’s bid and dedi-cation to our groundbreaking project. KMR is commit-ted to Ghana and we are pleased to be building astrong team to help us achieve our goals.”

For further information contact KMR project man-ager Frank Staszesky, Jr. n


Philippine’s 1,200 MW Ilijan ProjectStarts Construction

Korea Electric Power Co. (KEPCO) announcedconstruction start-up for its 1,200 MW private

power project under development near Bantagas,Philippines. The Philippines state utility, NationalPower Corp. (NAPOCOR), recently issued approvalto move forward with construction in anticipation offull financial closure by summer 1999.

Since 1997, K&M has served as owner’s engineerand overall technical advisor to KEPCO for the Ilijanproject. K&M’s multi-faceted work has involved en-gineering, advisory and negotiation assistance forthis pioneering Philippine IPP. Specifically, K&M

assisted KEPCO to reviewand negotiate its Energy Con-version Agreement (ECA)with the Philippine NationalPower Corp. (NPC), as wellas negotiations for the Engi-neering, Procurement andConstruction (EPC) contractwith the project’s EPC con-sortium, led by RaytheonEngineering of the UnitedStates. K&M also coordinatedthe risk mitigation compo-nents between the ECA, EPC

and fuel supply contracts.The new Ilijan facility, to be located 75 miles

south of Manila, is a centerpiece power sector in-vestment in the country’s new $4-5 billion Philip-pines Gas Project currently under development.Ilijan not only will become the country’s largestpower plant, but the largest combined-cycle plant inAsia. It also incorporates the first use of advancedturbine technology (MHI 501-G) in the Philippines.

K&M performed technical due diligence on theadvanced turbine (MHI 501-G) and prepared a re-port for inclusion in the Project Information Memo-randum (PIM).

The Ilijan project also consists of associated trans-mission lines, interconnection facilities and an on-shore gas supply pipeline.

KEPCO’s Philippine affiliate, Kepco-Ilijan Co.(KEILCO) currently holds a majority equity interestin the project. Additional equity partners areMitsubishi Corp. and Kyushu Electric Co. both ofJapan. KEPCO is bringing in additional partners tosplit its share. Southern Electric Philippines, the localsubsidiary of Hopewell-Hong Kong, (previouslyConsolidated Electric Power of Asia), which in turn,is owned by Southern Electric of the U.S., has ex-pressed an interest in equity participation.

KEPCO is negotiating with three major export-import banks, representing the United States, Japanand Korea to provide the majority of the project’sdebt funding. In May, KEPCO announced it hadformalized agreements with Japan and Korea, andwas awaiting final approval by the U.S. Additionalnegotiations are ongoing with a consortium of U.S.,European and Asian commercial banks for the re-maining funds.

KEPCO has secured the commitment for a “Letterof Comfort” from the Government of Korea, whichwill facilitate the release of loans for the project. A“Letter of Comfort” works similar to a government

guarantee, but does not expose the signatory to riskin case of default. Although the Government of thePhilippines policy in recent years has been to discon-tinue guarantees to BOT projects, NAPOCOR offeredan agreement with lenders giving assurances of itsbacking for the project which will boost the project’ssuccess in securing financing.

The Ilijan Power Project is a critical component ofthe country’s fuel diversification strategy. Historically,the Philippines has relied on imported oil, geothermaland hydro, and more recently coal. New high-qualityoffshore Malampaya gas fields are being developedby Shell Philippines Exploration BV (Spex) that willbe supplied through a new 500-km pipeline. In early-April, NAPOCOR announced award for constructionof the pipeline to a joint venture between Ecco Asiaof the Philippines and Nacap of the Netherlands. Thetarget date for completion of the offshore pipeline islate-2001. The associated 15-km onshore portion ofthe pipeline is currently out for bid.

The new gas-fired Ilijan facility will help launchthe country’s natural gas industry under developmentsince 1993. From 1994 to 1996, K&M assisted the Phil-ippines to develop the institutional and regulatorysetting for the new natural gas industry as well as toanalyze the economics of various gas developmentoptions. This advisory work was completed on behalfof the Energy Sector Technical Assistance Projectfunded by USAID. “As the anchor of the Philippines’important Gas Project, Ilijan’s realization representsfor K&M a satisfying culmination of almost five yearswork,” remarked K&M project manager HenrySteingass, who served as Resident Advisor during thecourse of the USAID assignment.

Ilijan is being developed on a 20-year BOT basisunder an Energy Conversion Agreement (ECA), ratherthan a traditional Power Purchase Agreement (PPA).Under an ECA the utility provides fuel at no charge,the operator converts the fuel to electricity then deliv-ers it back to the utility for distribution to the grid.The operator receives a capital recovery fee from theutility for the available plant capacity.

The Government of the Philippines agreed to takeon the fuel supply risk in order to facilitate develop-ment of the Malampaya gas fields, which requiredapproximately a 3,000 MW base load generation com-mitment in order to make drilling operation feasible.(Two other projects near Manila will supply the addi-tional 1,800 MW.) Once capital costs have been re-covered from the initial gas field development, fuelprices are expected to drop and open the sector tofurther development in the Philippines.

The EPC contractor, Raytheon Engineering of theUnited States, announced in mid-April that it willcommence construction of the power plant immedi-ately, with commissioning expected by 2001 andcommercial operation by 2002. “It is an importantundertaking for the Philippines as it moves forward tomeet the country’s growing need for power,” saidRobert Zaist, senior vice president of Raytheon’sPower Group. “Raytheon has a long relationship withKEPCO in Korea, and we look forward to workingtogether to make this project a success for the Philip-pines.” (CONTACTED ZAIST by fax 4/26 TO GET

K&M Inthe News

GHANA

GHANA INDUSTRIESPROJECT

Proje c t FinanceI n t e r n a t i o n a lF e b r u a r y

Africa NewsF e b r u a r y“Two Consort ia SeekFinanc ing f o r Ghana

Power Pro j e c t s”Ins t i tu t ional Inves torEmerg ing Markets WeekF e b r u a r y

“Electricity May Be ThePuls ing Heart o f Afr i canC o o p e r a t i o n ”Elec tr i c PowerI n t e r n a t i o n a lW i n t e r

Petro leum EconomistD e c e m b e r

“Energ ie Les Améri cains àlaide du Ghana”Jeune Afr ique EconomieN o v e m b e r

WEST AFRICA PIPELINE PROJECT

“Mult i - country GasGather ing Line CouldAttrac t Indus t ry”O f f s h o r eF e b r u a r y

“Gas Pipel ine to BringInvestment to West Africa”Oil OnlineD e c e m b e r

“Last Obstacles to WestAfrica Gas Pipel ine”Africa Energy & Mining

MHI 501-G Gas Turbine


K&M Inthe NewsD e c e m b e r

“West African Gas LineProject Moves Ahead”Economis t In t e l l i g enc eUnitD e c e m b e r

West African NaturalGas Line Moves Closer toR ea l i t y ”Journal o f CommerceD e c e m b e r

“West Afr i can Pipe l ineWould Bring New PowerPlants , Inves tment andJobs to Energy-ShortC o u n t r i e s ”M2 PresswireD e c e m b e r

“Ghana: West AfricanPipel ine to Extend toIvory Coast”Platt’s Oilgram NewsN o v e m b e r

JORDAN

SAMRA POWERPROJECT

“Thinner Field to Bid forJordan’s IPP”Middle East EconomicDige s tApril

“Bids in for IPPC o n s u l t a n c y ”Middle East EconomicDige s tF e b r u a r y

“Eight Groups Poised toBid for IPP”Middle East EconomicDige s tD e c e m b e r

KOREA

SEOHAE ENERGY/SIHWA COGEN-ERATION PROJECT

“Korea Proje c t to SeekUS$160M in Funding”Ins t i tu t ional Inves torEmerg ing Markets WeekF e b r u a r y

“Korea PowerCogenerat ion Pro j e c tO p p o r t u n i t i e s ”International MarketInsight Trade Inquir iesJ a n u a r y

In May, the U.S. Trade and Devel-opment Agency (USTDA) hosted, in

cooperation with the U.S. Depart-ment of Energy and U.S. Depart-ment of Commerce, The WorldPower Conference: “Lighting theGlobe for the 21st Century.” Thismajor international conferenceshowcased sixty power projectsvalued at $15 billion that are ex-pected to be developed over thenext eighteen months.

K&M was selected by theUSTDA to prepare project profilesrepresenting leading opportunitiesin the energy sector under develop-ment in Asia, Central and EasternEurope, former Soviet Union, LatinAmerica, Middle East, North Africa,and Sub-Saharan Africa. These pro-files were included in the confer-ence briefing book that wasdisseeminated to attendees. Profileshighlighted project time lines, pro-curement needs, equipment lists,and key contacts. (Profiles werealso made available on compactdisk).

This was the product of exten-sive research and investigation ofviable opportunities. In February,K&M staff travelled to dozens ofcountries in the profiled regions toverify and update data, and meetdirectly with representaties in en-ergy ministries, regulatories agen-cies, and utilities as well as theprivate sector. This effort yielded60 projects representing soundopportunities for U.S. privatepower developers, equipment ven-dors, consulting companies and thefinancial community.

Project sponsors were invited topresent details of the projects andbe available to meet directly with

K&M Profiles Sixty Energy ProjectOpportunities at World Power Conference

interested U.S. company representa-tives. One-on-one meetings were alsoarranged with government utility offi-cials, financial institution representa-tives, suppliers of goods and services,and prospective teaming partners.

Conference speakers included se-nior-level representatives from U.S.Government agencies active in the pro-motion of export opportunities for U.S.businesses, including USTDA DirectorJoseph Grandmaison, Department ofEnergy Secretary Bill Richardson, U.S.Export-Import Bank Chairman JimHarmon, and Overseas Private Invest-ment Corporation Director GeorgeMuñoz.

In addition, K&M presented threespeakers including Chairman and CEO,Michael Kappaz, who moderated thepanel on “Energy Privatization inEmerging Markets;” Project Manager,John Rezaiyan, who spoke on “Structur-ing and Financing Clean Coal Technolo-gies;” and Project Manager, HenrySteingass, who presented the recentlyannounced “Mauritius Private PowerProject.” (See separate story on page 3).

Other featured speakers addressedpriorities in lending for energy projects,guarantees in risk mitigation, new tech-nologies and alternative energy applica-tions under development, strategicpartnerships, energy privatization inemerging markets, and innovative meth-ods used to close projects in today’smarket.

Held in New York City, the confer-ence attracted more than 300 attendeesincluding developers, financiers, equip-ment vendors and host country projectsponsors.

For further information contact K&MMarketing Manager Karen HarbertMitchell at K&M-Washington. n

USESPINEFROMBRIEF-INGBOOKASGRAPHICIMAGEHERE


Vietnam’s first international competively bid powerproject reached a milestone in late-January when

the Ministry of Industry shortlisted three internationalconsortiums to enter into negotiations to develop the

700 MW Phu My 2, Phase 2 project under 20-yearbuild-own-operate-transfer (BOOT) terms.

The bidders were chosen based a detailed andsystematic selection criteria. The leading consor-tium, headed by Electricite de France Interna-tional (EdFI) will negotiate a final agreement withthe Ministry of Industry, Electricity of Vietnamand Petro Vietnam. For this phase, the Govern-

ment of Vietnam has selected K&M to assist in final-izing the BOOT contract and the Power PurchaseAgreement (PPA).

Should the first-ranked bid-der fail to reach final agreementwith the Ministry, the two addi-tional consortiums may enterinto the process until a success-ful conclusion is reached.

Since 1996, K&M has servedas BOOT consultant assistingthe Ministry of Industry (MOI)and Electricity of Vietnam(EVN) to structure the country’sfirst IPP.

K&M evaluated theprequalification documentsreceived by MOI/EVN andrecommended the short list of

prequalified bidders. K&M alsostructured the key technical, com-mercial, financial and legal compo-nents necessary to solicit Vietnam’sfirst internationally competitive bidBOOT project. The project attracteda total of six very competitive bids.

K&M performed a detailed evalu-ation of the bids, out of which MOI/EVN shortlisted the three top rankedsponsors.

K&M drew upon the in-country expertise andresources of legal advisors Phillips Fox and theaccounting firm of Deloitte Touche & Tohmatsu.K&M also worked closely with KHM, Inc. as thelocal experts and agents for coordination of com-mercial, financial and technical matters within theVietnamese government ministries, and PowerInvestigation and Design Co. No. 1 of Hanoi fortechnical assistance.

The Phu My 2/2 private power project is part ofWorld Bank efforts to promote private sector infra-structure development in Vietnam. The WorldBank offered a $75M partial risk guarantee to theproject.

The new plant will be part of the 3,600 MWPhu My power complex now under construction inBa Ria Vung Tau Province, southwest of Ho ChiMinh City.

A decision regarding the proposed fuel supplyfor Phu My 2/2 is unresolved, but most likely willbe secured from unexploited offshore gas fields inthe Nam Con Son Basin. Vietnam is pursuing anaggressive strategy to develop new natural gasresources in order to decrease dependence onhydro power which accounts for nearly 65% ofcurrent capacity. Concurrent with Ministry of In-dustry negotiations with the Electricite de Franceconsortium, Petro Vietnam will enter into negotia-tions to finalize fuel supply agreements.

Development of the Phu My power complex iscritical to meeting Vietnam’s demand expanding atnearly 13-15% annually. Six projects in the pipelinewill add 1,250 MW to the grid by 2000, and futureplans call for 14,000 MW by 2010. While 95% ofdistricts and 75% of communes nationwide haveaccess to electricity, nearly 60% of rural house-holds, consisting of 80% of the country’s popula-tion are awaiting service. In addition, many areassuffer chronic shortages during the dry season.The government plans to spend $1 billion annuallythrough 2005 to meet demand.

For further information contact project managerGuy Knowle at K&M Washington. n

Vietnam Initiates Negotiations forFirst Competitively Bid IPP

700 MWPhu My 2 Phase 2

at Ba Ria Vung TauProvince near

Ho Chi Minh City

ILIJAN STORY (continued)

(Above) Signingceremony with rep-resentatives ofK&M Engineering,Electricity deFrance Interna-tional, GECAlsthom, Tokyo-Electric andSumitomo Corp-ora t ion

(Below-Left toright) Nguyen DuyMinh, Project Man-ager, KHM; Eng.Ngo Duc Hanh,Ministry of Indus-try; Guy Knowle,Project Manager,K&M; Eng. MaiCong Mung, Minis-try of Industry

HIS APPROVAL TO USE THIS—taken fromRaytheon story in news)

In 1997, the Manila Electric Co. (Meralco) signedan agreement with KEPCO to purchase electricityfrom the Ilijan facility. Meralco distributes nearly 75%of the power requirements in the Luzon grid.

Separate tenders were offered by NAPACOR forthe transmission and distribution portion of theproject, as well as construction of a substation by2001 (a year prior to plant operation). In May,NAPOCOR announced ten companies had pre-quali-fied, with a screening period of 60 days to result in ashort list. A two-envelope system (technical and fi-nancial) will be used in the international public bid-ding process. Eighty-five percent of the $130 million,58 km 500-kV transmission line is being funded

through an OECF loan from the Japan.The plant will generate electricity utilizing four

MHI 501-G gas turbines supplied by MistubishiHeavy Industries Corporation. The MHI 501-Gcombustion turbine is an advanced design, high-temperature, efficient, low-NOx, more powerfulmachine based on time-proven reliable designconcepts. It is the latest in a long line of industrialcombustion turbines designed and produced byMitsubishi and Westinghouse. The new technologyrisk associated was mitigated by MHI providingseveral warranties and guarantees in their technol-ogy support package to the project company.

“KEPCO is one of the world’s most experiencedutilities in the operation of state-of-the-art combus-tion turbine plants,” remarked K&M senior vicepresident William Drotleff.

For further information contact K&M senior vicepresident, William Drotleff at K&M-Washington. n


Cote d’Ivoire’s First CommerciallyFinanced IPP Reaches Close

K&M Inthe News

VIETNAM

(Phu My 2-2 Proje c t )

“Contract for US$400 MPower Plant Won byF r e n c h ”Vietnam Investment ReviewF e b r u a r y

Tit l e?? (need to track downcopy – reporter talked toMar t y )Vietnam Business JournalF e b r u a r y

“2 US Firms Vie to BuildVietnamese Power Plant”Journal o f CommerceF e b r u a r y

“EDF Wins Share ofVietnamese Power PlantC o n t r a c t ”European ReportF e b r u a r y

“Three InternationalConsor t ia Shor t l i s t ed forVietnam Power Plant”Asia PulseF e b r u a r y

“Bidders Short l i s ted forPower Plant”Saigon Times MagazineJ a n u a r y

“Bidders Short l i s ted forEle c t r i c i t y Pro j e c t”Viet Nam NewsJ a n u a r y

“Top-Mark Bidders Selectedfor US$300 M Power Plant”Saigon Times DailyJ a n u a r y

After extended negotiations, Tunisia signed acontract in March with the U.S.-based PSEG

Global consortium to develop the country’s firstindependent power project. The 473 MW Rades IIcombined-cycle facility will be constructed in thesuburbs of the capital city of Tunis by 2001.

Following implementation of Tunisia’s privatepower law in 1996, K&M led the effort on behalfof the Ministry of Industry-Groupe IPP and thenational utility, Socíeté Tunisienne de l’Electricitéet du Gaz (STEG), to structure key technical, com-mercial, financial and legal components of thebuild-own-operate-transfer (BOOT) project.

K&M prepared the prequalification documents,led a project seminar to attract potential develop-ers, prepared the shortlist of bidders and Requestfor Proposal, reviewed bid submissions, and as-sisted STEG and the Ministry in selecting the win-ning bid. K&M also assisted in subsequent

negotiations with the PSEG consortium and its lenders.The project attracted keen interest from internationaldevelopers from the outset resulting in an extremelycompetitive bidding process.

Electricity will be supplied to the state-owned utilityunder a 20-year concession and will provide 25-30% ofTunisia’s power needs. The combined cycle plant willgenerate 240 MW from two gas turbines and a 231 MWsteam turbine utilizing hot flue gases. Construction isexpected to commence by 4Q 1999.

Rades II becomes the third IPP to be developed inNorth Africa. (Morocco’s Jorf Lasfar was first, Egypt’sSidi Krir was second). The Rades project has helped toestablish standards of transparency and competitive-ness in the Middle East/North Africa power market as itundertakes to add some 2,000 MW per year in privatepower investment.

For further information, contact K&M project man-ager Henry Steingass at K&M-Washington. n

Contract for Tunisia’s First IPP Signed

The Azito Thermal Power Project achievedfinancial close in January 1999 for the simple cyclephases 1 and 2 (288 MW). Phase 1 (144 MW)entered commercial operation in mid-March 1999,having begun construction under balance sheetfinancing in early 1998. The Phase 2 combustionturbine (144 MW) arrived in Abidjan in early May,and is expected to enter commercial operation by4Q99, capping a rapid development schedule.

Beginning in 1996, K&M served as overall tech-nical and management advisors to the BureauNational d’Etudes Techniques et de Developpe-ment (BNETD), the country’s infrastructure plan-ning and privatization agency. Tasks includedproject structuring, bidding, evaluation and nego-tiation advise. K&M structured key technical, com-mercial, financial and legal components of theproject. K&M assisted in prequalifying the shortlistof bidders, reviewed transmission feasibility stud-ies, prepared the Request for Proposal and draftproject agreements, conducted the pre-bid confer-ence, reviewed bid submissions, and assistedBNETD in its negotiations with the Cinergy SAconsortium.

Azito’s financial close and commercial opera-tion marks a number of important firsts for Côted’Ivoire, sub-Saharan Africa and the internationalpower industry. It is the largest infrastructureproject and private investment in Côte d’Ivoire,and the country’s first power sector investmentundertaken through full international competitivebidding. Azito is the largest IPP to date and thefirst international commercial bank financing for amajor power project in sub-Saharan Africa. Azitoalso secured the first-ever partial risk guaranteefrom the World Bank’s International DevelopmentAssociation (IDA), which was critical in attractingthe final commercial debt elements to this major

private investment.Cinergy SA, the winning sponsor consortium, led by

ABB Energy Ventures and including IPS (Côted’Ivoire), was selected in June 1997 and began nego-tiations for the project. The plant will use offshorenatural gas as its primary fuel, provided by US oilgroups United Meridian International (UMIC, a subsid-iary of Ocean Energy) and Apache, and distillate dieseloil as backup fuel. The project includes a paralleltransmission component that is being privately fi-nanced yet will be owned by the state. Overall theproject consists of two ABB gas turbines (modelGT13E2), an 18-km 225 kV transmission system, a newsubstation, and expansion of an existing substation.Electricity will be sold to the state under the terms of a23-year Concession Agreement, and delivered to theprivate distribution concessionaire, CIE.

Strict schedule requirements and reorganization ofstate financing for the transmission sector combined tobring about a very innovative financing plan. Cinergysecured funding from the International Finance Corpo-ration (IFC), which took a lead role in the overall debtfacility. Société Générale acted as syndication under-writer for the combined European commercial bankpackage. Additional funding was secured from a con-sortium of bilateral and multilateral agencies includ-ing the Commonwealth Development Corporation(CDC) of the United Kingdom, African Develop-ment Bank, Deutsche Investitions undEntwicklungsgesellschaft (DIE) of Germany, andNederlandse Financierings Maatschappij VoorOntwickkelingsladen NV (FMO) of the Nether-lands. Completion of the funding package was an-nounced in late January during the plant’s inaugurationceremony.

“K&M is proud of its professional role in helpingCôte d’Ivoire realize the Azito project,” remarked K&Mproject manager Henry Steingass.


April

Michael Kappaz , modera-tor“Energy Privatization inEmerging Markets” and“Termovalle Case Study”John Rezaiyan, speaker“Structuring and FinancignClean Coal Technologies”Henry Steingass, speaker“Mauritius Private PowerProject”World Power ConferenceSponsor: USTDA, USDOC,USDOENew York, New York, USA

March

Michael Kappaz, participantInter-American Dia-logueLatin America andGlobal Financial Insta-bility:Outlook for EconomicIntegration and SocialDevelopmentSponsor: Institute ofthe AmericasWashington, DC, USA

Michael Kappaz, par-ticipantEconomic Policy Fo-rum and Reception inhonor of theUnited States Ambassadorsand Charges d’Affaires

K&M/KMR execu-tives participated ina variety of trademissions, confer-ences, seminarroundtables, powerdelegation briefings,meetings and pre-sentations. This of-fers opportunities toexchange ideas andshare importantexperiences withcounterparts ,project developersand governmentofficials throughoutthe world.

SpeakersBureau

smdTrade

Missions

European Power Finance ‘99 Conference

K&M Senior Vice PresidentWilliam Drotleff

In March, K&M Senior Vice President Willilam Drotleff addressed theEuropean Power Finance ‘99: Identifying Opportunities and Mitigating

Risk international conference held in Rome, Italy.Mr. Drotleff’s remarks, “Analyzing Trends Towards Privatization in the

Middle Eastern and North African Power Sector,” offered an overview ofprivatization efforts in infrastructure sectors throughout the region, and fo-cused on the status of specific power projects currently under development.

There is a $6-9 billion per year power sector funding requirement fornew infrastructure in the MENA region. Private sector participation will playa greater role in attracting funding in the face of lower oil revenues.

Privatization is gaining momentum with 15,000 MW private powerprojects now in development. Institutional reform, legislative frameworksand commitment to privatization vary throughout region. Other factors, suchas regional grid and gas pipeline interconnections, and fuel supply issuesare influencing sector changes.

Individual countries are addressing the need to provide service to grow-ing industrial sectors in a variety of ways. While some are privatizing exist-ing assets, others are implementing hybrid versions of IPP/IWPP projects.Where financing is not the greatest consideration, nevertheless, many coun-tries are seeking the advice of experienced BOO/BOT consultants to assurenew projects are structured on a commercially viable basis.

“Despite the present oil price slump, the underlying economy in most ofthe region’s countries is sound. That, coupled with the significant interna-tional financing experience of the region, and the energy sector changesunderway, will create opportunities for a number of excellent private invest-ment projects in the near future,” observed K&M Senior Vice President Will-iam Drotleff. n

U.S.-Central American Trade Mission

In late-March, K&M Marketing Manager Karen Harbert Mitchell partici-pated in a U.S. Department of Commerce trade mission to Central Americaled by Under Secretary of International Trade, Ambassador David Aaron.

The delegation of 16 American companies visited Honduras, Nicaragua,Guatemala and El Salvador to review with senior government officials thepriority reconstruction projects in the wake of Hurricane Mitch, which dev-astated the region in November 1998. Immediate efforts after the storm, thelargest disaster to strike Central America, focused on recovery. Attention isnow turning to reconstruction. Estimates project nearly $8 billion is re-quired to rebuild.

The Inter-American Development Bank is taking the lead assistance role,with support from the U.S. Agency for International Development, theOverseas Private Investment Corporation, and the World Bank.

The governments of the affected countries will present their reconstruc-tion plans in May, in Stockholm, to the Consultative Group for the Recon-struction and Transformation of Central America, an ad hoc group ofmultilateral and bilateral donors committed to lending for the rebuilding ofthe region.

The four-nation trade mission followed a visit by President Bill Clintonin early-March. The Clinton Administration is promoting a $1 billion aidpackage under consideration by the U.S. Congress. To put into context theAmerican commitment to this effort, this figure exceeds total relief assis-tance to the region since 1960.

Private sector investors are poised to participate in the infrastructureoverhaul through long-term concessions, equipment sales, and construc-tion. The legal and regulatory framework to allow private participation inthe infrastructure sector is already in place or imminent in the affectedcountries.

For further information contact K&M marketing manager Karen HarbertMitchell at K&M-Washington. n

K&M Marketing ManagerKaren Harbert Mitchell


In March, K&M Chairman Michael Kappaz was adelegate on the American trade mission to South

Korea headed by U.S. Department of CommerceSecretary William Daley. The trade mission wasdesigned to boost American exports to this criticalmarket. The agenda focused on strengthening com-mercial ties in five key sectors including infrastruc-ture, energy, environment, information, andtelecommunications.

During the mission delegates met with govern-ment officials, business counterparts, and advocatesfor U.S. companies participation in selectedprojects. Specifically, K&M participated in meetingswith President Kim, the Minister of Commerce,Industry and Energy, Minister of Construction, andSecretary of State for Trade. Private sector activitiesincluded a luncheon hosted by the Korean Cham-ber of Commerce for business leaders and meet-ings with Korea Gas and Korea Electric PowerCompany.

Opportunities to partner with South Koreanfirms are opening to American firms as the countryinitiates privatization of its energy sector. The Gov-ernment of South Korea has announced an ambi-tious effort to fully or partially privatize five energyrelated state-owned companies.

K&M is currently serving as Owner’s Engineer toKorea Electric Power Company (KEPCO) for its1,200 MW Ilijan gas-fired plant now under con-struction in the Philippines. K&M assisted KEPCOto negotiate the ECA and EPC agreements. Whencomplete, it will become the largest facility in thePhilippines. The Ilijan project is the cornerstone ofthe Philippines energy strategy for the future as the

country develops its naturalgas industry, made possibleby discovery of high-gradeoffshore fields. (See sepa-rate story on page 4).

In addition, K&M/KMRrecently signed an MOU toassist in the development ofthe 200 MW SiHwa PowerProject in South Korea onbehalf of Seohae Energy.The coal-fired co-generationproject will be structured onan IPP basis. The state-owned utility, KEPCO, willpurchase the electricity.KMR Power has an equityinterest in the project, whileK&M is serving as IPP consultant.

“This mission laid the groundwork for jointU.S.-Korean business opportunities, and demon-strated U.S. commitment to Korea’s future,” re-marked Secretary Daley.

“K&M/KMR are pleased to offer its extensivetechnical and financial expertise as the SouthKorean energy sector is privatized and jointproject opportunities evolve,” noted MichaelKappaz. “We have great deal of experience instructuring sound projects throughout the worldthat attract the highest caliber of sponsors. I amconfident that South Korea is on the road to re-covery and poised to expand private participa-tion in its power sector.” n

U.S.-South Korea Trade Mission

Serving the Middle East andNorth AfricaSponsor: Business Council forInternational Understanding,U.S. Department of StateWashington, DC, USA

William Drotleff, speakerEuropean Power Finance:IdentifyingOpportunities and MitigatingRisk“Analyzing Trends TowardsPrivatisation in theMiddle Eastern and NorthAfrican Power Sector”Sponsor: Worldwide BusinessResearchRome, Italy

John Rezaiyan, speakerUS-Brazil Clean and AdvancedPower Systems“Structuring Procurement ofNew Advanced Coal Tech-nologies”Sponsor: Southern StatesEnergy BoardFlorinanopolis, Santa Catarina,Brazil

Loren Rodwin, speakerWestern Hemisphere SCORoundtable on Infrastruc-ture Industries and IPR“Structuring SuccessfulWater / WastewaterProjects in Latin America”Sponsor: Business Councilfor International Under-standingMiami, Florida, USA

George Stockton, panelistAsian Energy RoundtableDiscussionPower Sector Panel repre-senting engineering,prcurement and construc-tion firmsSponsor: Business Councilfor International Under-

standingWashington, DC, USA

SpeakersBureau

andTrade

Missions

World Economic Forum - MENA Business Initiative

K&M Chairman MichaelKappaz with PalestineAuthority ChairmanYasser Arafat at Davos

In February, K&M Chairman Michael Kappaz addressed the annualWorld Economic Forum meeting “Middle East/North Africa Business

Initiative,” held in Davos, Switzerland. The forum was attended by headsof state, prime ministers, cabinet-level ministers and CEOs representingthe private sector.

Mr. Kappaz’s remarks, “Global Investment, Local Concerns: ExploitingNew Infrastructure and Trade Financing Mechanisims,” focused on soundproject fundamentals and risk mitigation strategies inherent in a successfulproject.

He served on a panel that included OPIC President and CEO, GeorgeMuñoz; United Technologies Corp. Senior Vice President, Ruth Harkin;Palestinian Economic Council for Development and Reconstruction Man-aging Director, Mohammad Shatyyeh, and Jammal Trust Bank (Lebanon)Chairman, Ali Jammal.

K&M has a strong base of experience structuring pioneering privatepower projects in emerging economies throughout the world. Projectfundamentals successfully implemented in the energy sector are now be-ing adapted to other industries. With new infrastructure developmentopportunities opening to private investment throughout the Middle East itis timely to address the key elements that will attract international partici-pation. Project development in the region must take into consideration awide variety of asset and funding requirements to meet local needs.

In light of increased international investment opportunities opening tothe private sector in the region, a concensus was reached to create theMiddle East Business Council to coordinate World Economic ForumMENA activities. n

K&M ChairmanMichael Kappaz


February

Michael Kappaz,speakerMiddle East/NorthAfrica BusinessInitiativeGlobal Investment,Local Concerns:ExploitingNew Infrastructureand Trade Financ-ing MechanismsSponsor: WorldEconomic ForumDavos, Switzerland

George Kappaz,Denis Slavich,participants“Natural Gas andGlobal Energy”Executive ForumSponsor: CambridgeEnergy ResearchAssociatesHouston, Texas,USA

December

Michael Kappaz/George Kappaz, co-hostsBusiness Council forInternational Under-standingRoundtable Lun-cheon DiscussionwithColombian Ambassa-dor Moreno-MejiaSponsor: KMRPower CorporationWashington, DC,USA

William Kappaz,speakerAndean Energy ’98:Opportunities inAndean EnergyManaging the Politi-cal and FinancialRisk of AndeanProjects“Project Structure:The Key to RiskMitigation in theAndean Region”Sponsor: Center for

Speakers Bureauand

Trade Missions

Trade Magazine ProfilesK&M and KMR

The January/February 1999 issue of Private Power Executivemagazine, published by Pequot Publishing of Connecticut, featured afive page profile of K&M and KMR.

Private Power Executive is one of the industry’s premier publicationscovering the global electric power industry.

PPE’s editor, Joseph McDonald, travelled to Washington, D.C. tointerview K&M/KMR executives.

“K&M/KMR have successfully combined the individual skills andexpertise of their separate companies into a formidable internationalpower development organization,” observed McDonald.

The article traced K&M/KMR’s origins in 1987 and 1993, respectively.Initially K&M leveraged two things: sound technical expertise of engi-neers and construction managers with extensive experience in thepower sector; and a thorough understanding and affinity for the com-plex financing instruments and risk mitigation strategies required.

KMR built upon the success of the Mamonal Power Project thatgained wide international recognition as the first non-recourse financedgreenfield private power project in Latin America.

K&M chairman Michael Kappaz stressed that “adherence to soundproject fundamentals has helped his organization to carefully selectprojects with the strongest potential for success.”

Looking to the future, Kappaz envisions the K&M group of compa-nies expanding its equity investments beyond the electric power sectorto encompass water and wastewater systems, advanced environmentaltechnologies, and telecommunications.

Reprints of the original article are available upon request by contact-ing K&M News editor Linda Ivanov at K&M-Washington. n

In March, K&M project manager, John Rezaiyanmade a presentation to the U.S.-Brazil Clean and

Advanced Power Systems Conference. In his remarks,“Structuring and Procurement of New Advanced CoalTechnologies,” Mr. Rezaiyan gave an overview of theproject structure required for financing clean coalprojects.

K&M Advanced Fuel Technologies ExpertAddresses Clean Coal Roundtable

Since 1991, K&M has completed over 40 engi-neering and technical projects relating to a varietyof new energy technologies, marketing, financingand other issues for the U.S. Department of Energy,Federal Energy Technology Center.

Mr. Rezaiyan’s remarks focused on K&M’s experi-ence in the area of clean coal technology (CCT). Hecompared the specialized project structure requiredfor a CCT, versus a conventional project structure.While many of the key elements of competitivebidding and procurement remain the same, CCTprojects require special attention to the technicalsupport package.

Brazil is seeking to diversify its energy sectorthrough development of new coal-fired powerplants. The country recently experienced blackoutsin certain parts of the country and must find newways to meet a predicted 6-8% annual growth indemand. Nearly 90% of Brazil’s current capacityrelies on hydropower to generate electricity.

The conference brought together U.S. and Brazil-ian engineers, developers, utility and governmentofficials and investors interesting in enhancing op-portunities for the use of clean coal technologiesand advanced power systems in Brazil.

Four Brazilian coal companies are currently con-sidering construction of mine-mouth, coal-firedplants utilizing clean coal technology.

For further information contact K&M projectmanager John Rezaiyan at K&M-Washington. n

John Rezaiyan presents clean coal technologies overview


EMPLOYEES:OUR MOST

VALUABLE ASSET

K&M ENGINEERING

NEW HIRES –WASHINGTON

JO ANN CAVANAHMARKETING ASSOCIATE

AIMEE MEHER-HOMJIBUSINESS DEVELOPMENTASSOCIATE

PAMELA HOWARDOFFICE SERVICESADMINISTRATOR

LOREN RODWINPROJECT DEVELOPMENTANDFINANCE MANAGER

E. TED SANDELLIMANAGEMENTINFORMATIONSYSTEMS MANAGER

KEVIN M. SWIFTMANAGEMENT INTERN

TAJUANA TAYLORPAYROLL SPECIALIST

NEW HIRES - EGYPT

PATRICK G. PURTELLCOMPUTER SPECIALIST(CAIRO)

KMR POWER

NEW HIRES

KIMBERLY GRIGSBYEXECUTIVE ASSISTANT

FREDERIC REVEIZFINANCIAL ANALYST/DEVELOPER

K&M/KMRFIVE YEAR AWARDS

R. DIANE CARLSONWILLIAM DROTLEFFPETE ESPINOSAVICTOR JORDANA. JOHN REZAIYANJOHN KUSPAANIL C. VYAS

K&MST-COLOMBIAFIVE YEAR AWARDS

RUDOLFO RUEDA

K&M announces its entry on the Internet,www.kmec.com. The launch of this websitemaintains K&M’s position as an innovator in theadvancement of technology.

The number of visitors to the website, as mea-sured by a “hit counter,” has already exceededexpectations. With several improvements in storeover the next few months it is anticipated thatthis website will serve the wide range of“netizens” who take a few moments to peruse itscontents.

Copies of this newsletter, past newsletters,press releases, project descriptions, corporatequalifications, job announcements, and otherfrequently requested documents are among theitems available for download.

Plans call for offering K&M web documents inseveral languages, and adding regional profiles.

Conal Duffy, K&M’s “Webmaster,” is leadingthe company’s efforts to enhance downloadspeeds, improve the variety of content availableas well as the media employed.

We invite you to visit www.kmec.com. Anycomments or suggestions should be directed toConal Duffy at [email protected]. n

K&M on the World Wide Web

K&MST-Colombia Hosts Luncheon forUSTDA Country Manager

K&MST GeneralManager JoseKappaz presentsfive year serviceaward to K&MSTaccountantRodolfo Rueda

WEBMASTER

K&M BusinessDevelopmentAssociateConal Duffy

K&MST hosted a luncheon in February at its Cartagenaoffices in honor of U.S. Trade and DevelopmentAgency Country Manager for Latin America and theCaribbean, Gabriella Rigg.

Also in attendence were Jamie Borda, President,Colombian-American Chamber of Commerce inCartagena; Diana Lequerica, Executive Director, Colom-bian-American Chamber of Commerce in Cartagena;Rick Ortiz, Commercial Attaché, Embassy of the UnitedStates in Bogota, and Capitán de Navio Carlos Cubillos,Commandant, Cartagena Naval Base.

www.kmec.com


K & M O F F I C E L O C A T I O N S

K&M Engineering andConsulting Corporation2001 L Street, NWSuite 500Washington, DC 20036Tel: (202) 728-0390Fax: (202) 872-9174www.kmec.com

KMR Power Corporation1000 Wilson BoulevardSuite 902Arlington, Virginia 22209Tel: (703) 247-3500Fax: (703) 276-1515www.kmrpower.com

KMTel L.L.C.1000 Wilson BoulevardSuite 902Arlington, Virginia 22209Tel: (703) 247-3500Fax: (703) 276-1515

ColombiaK&M Servicos Tecnicos (K&MST)Centro Ejecutivo, Carrera 3,Oficina, 902 BocagrandeCartagena, ColombiaTel: (011) 57-56-655-510/651-830Fax: (011) 57-56-655-629

KMCC/Termovalle ProjectZona Fanco del PacificoKm6 Via Yumbo Aeropureto,Apartado 4307Cali, Palmira, ColombiaTel: (011) 57-2-280-1047 or 1069Fax: (011) 57-2-280-1048

EcuadorAv. Amazonas 258 y Jorge WashingtonEdificio Pierre Hitti, 3er PisoQuito, EcuadorTel: (011) 593-2-507-162Fax: (011) 593-2-564-970

Egypt53 El Manial StreetEighth FloorManial RodahCairo, EgyptTel: (011) 202-365-4340/8Fax: (011) 202-365-4346/7

El Kureimat Projectc/o Raytheon Ebasco Overseas Ltd.29 Corniche El-Nile StreetOmar Ibn El-Khattab TowerFlat #206Maadi, Cairo, EgyptTel: (011) 202-378-7025/6/7Fax: (011) 202-378-7024

K&M Engineering andConsulting Corporation2001 L Street, NW, Suite 500

Washington, DC 20036

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