The acquisition includes all of the EME portfolio except for CBK, a 396 MW hydro scheme in the Philippines, Tri Energy, a 175 MW gas fired plant in Thailand and Doga, a 144MW gas fired plant in Turkey. CBK, Tri Energy and Doga will be held under contract between International Power, Mitsui and EME with a view to completing the acquisition at a later date.
The originally announced loan arrangements have been replaced with a structured eight-year term loan of $797 million provided by a group of relationship banks on more competitive terms. Philip Cox, CEO of International Power, said, “We are delighted to have successfully completed the acquisition ... and now look forward to implementing our well advanced integration plans." The acquisition is expected to significantly enhance IP earnings.
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