ICBC provides $9.6 million USD in debt financing to AES Argentina Generación S.A. for 675MW Central Térmica San Nicolás (CTSN) Thermal Power Plant and 845MW AES Paraná Thermal Power Plant

Project narrative

As of January/February 2017, AES Argentina Generación S.A. — the Argentine subsidiary of US electricity provider AES — had maturing, outstanding, short-term debts to Industrial and Commercial Bank of China (Argentina) S.A. and Banco Itau Argentina S.A. worth $19.2 million. The commitment dates, face values, and borrowing terms of the short-term loans that were originally contracted are unknown. It is known that the borrower was to use the proceeds of these loans for (i) import financing arrangements related to the import of coal for electricity generation at the 675MW Central Térmica San Nicolás (CTSN) Thermal Power Plant in the province of Buenos Aires and (ii) to cover capital expenditures associated with the maintenance cycle at he 845MW AES Paraná Thermal Power Plant in San Nicolás within the province of Buenos Aires