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ENAP Signed Agreement with Mitsui for Development of Power Generation Projects

Source: 12/23/2015, Location: South America

The National Petroleum Company (ENAP) has completed its process of finding a strategic partner for its foray into the field of power generation, signing a framework agreement with the Japanese company Mitsui & Co. Ltd. to develop two projects for a total power generation capacity of nearly 1,200 MW.

Mitsui & Co. Ltd. will partner ENAP in combined cycle plants based on natural gas Mining Light (mussels) and New ERA (Concon), which form part of the portfolio of generation projects that the state and its partner may participate in tenders to supply regulated customers between 2016 and 2018.

Central Mining Light has a capacity of 760 MW, while the New ERA project is 510 MW. Between them, the estimated investment amounts to about US $ 1,300 million.

Search Partner ENAP was led by ASSET Chile, as financial advisor, and by Larrain y Asociados, as legal advisors, through a rigorous and competitive process that included a high call, in which 16 consortia presented a history of technical prequalification and financial.

Based on the review of the financial and technical background, experience in the electricity market and availability of liquefied natural gas, a short list, which went to a defined stage of due diligence , the end of which binding offers were received and we proceeded to final allocation to Mitsui, a company that offered the most competitive economic conditions.

"We managed to meet an ambitious challenge. Through a serious and rigorous process we select a partner for ENAP, a large international company with extensive experience, to form a new actor for the electricity sector, heavily promoting competition and continue to fulfill our strategic role in energy development in Chile, "he said ENAP's chief executive, Marcelo Tokman.

In turn, Yoshiaki Mukai , President of Mitsui Chile, expressed his great satisfaction with the agreement reached. "For us it is extremely significant. In Chile we have taken the first step to advance the power generation sector and contribute with all our ability to develop ENAP and around the country. "

The realization of the partnership between ENAP and Mitsui & Co. Ltd. requires as a precondition the enactment of the law extending the rotation of the state enterprise.

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