Project:
AES Sonel
Country:
Cameroon
Sector:
Power
Description:
In 2003, EAIF provided a US$ 30 million medium term loan facility with a 10-year tenor for the construction of a US$ 75 million, 85MW power plant. EAIF's financing bridged an important initial gap enabling the project to move forward, prior to participation from a much larger financing group. By Q4 2006 the outstanding loan had amortised to US$ 24.71 million and by December 2006 a new financing package was signed where EAIF converted its facility from USD to EUR (US$ 24.71 million converted to EUR 18.99 million) and EAIF committed a further EUR 5.0 million for disbursement in 2007. This restructuring was part of a larger syndicated financing of approximately Euro 300 million from various DFIs. To date EUR 21.49 has been disbursed.
