Recent power industry contracts/Ireland

5 June 2002

Financing for the R220 million Huntstown power plant in the Republic of Ireland has been finalised. The project, which is due to be the first independent power project in the country, is being constructed at a site on the outskirts of Dublin. It will have a generating capacity of 343 MW. The gas fired plant, which has been under development since 1996, is expected to generate around 7 per cent of the power consumed in Ireland. It will utilise Siemens gas and steam turbine technology and is due to be completed in December 2002. Siemens will provide maintenance services for the gas turbines, which will burn natural gas. The Huntstown Power Co Ltd (HPC), sponsors of the project, were represented in financial negotiations by law firm Milbank, Tweed, Hadley and McCloy. Under the financing structure agreed for the project, Barclays Bank is to provide two loan facilities, a E209 million term loan and a E11 million work capital facility. Additional funding will be provided by HPC shareholders.

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