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Financing of power plant project completed Back  
The €300 million financing of the 400MW combined cycle power plant at Tynagh, Co. Galway, one of the first independent power projects in Ireland has been completed.
Investec, the international specialist banking group, acted as co-sponsor on the transaction with Gama, the Turkish industrial, civil and construction firm, and Mountside Properties, the private Irish company formed for the purposes of acquiring the site of the Tynagh Power Plant and subsequently bidding and developing the project. Investec had a 40 per cent shareholding in TEL, which it sold to Gama at financial close. TEL’s shareholders are now Gama (80 per cent) and Mountside (20 per cent). Investec is agent and lead arranger of TEL’s €25 million mezzanine facility.

Maurice Hochschild, global head of Investec project and infrastructure finance, which has offices in Dublin, London, Johannesburg and Sydney, said that Investec is looking forward to further developing its presence in the Irish project finance market.

In response to Ireland’s power generation capacity requirements, the Commission for Energy Regulation (CER) launched a Capacity Competition in 2003 with the aim of bringing new generating capacity into the marketplace. Tynagh Energy Ltd. (TEL), was one of four bidders under the CER’s Capacity Competition and on 26 November was notified that it had been selected as provisional preferred bidder by the CER. The preferred bidder appointment was subsequently formalised in December 2003.

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