Inkia Energy has closed the financing to build a hydroelectric station in Peru at a cost of $900 million.
Israel Corporation (TASE: ILCO) unit Inkia Energy Ltd., a subsidiary of IC Power Ltd. has raised $150 million in debt in New York. Inkia expanded the $300 million bond issued in March 2011. The issue bears an annual interest rate of 7.53% and will mature in April 2021. S&P and Fitch Ratings give the bond a BB rating.
In a statement, Israel Corp. said that Inkia has closed the financing to build a hydroelectric station in Peru at a cost of $900 million, of which IC Power's share is $595 million. The financing was provided by a syndicate of 12 Western banks. In July, Inkia made the first withdrawal from the credit line. The power plant is due to come online in 2016.
Published by Globes [online], Israel business news - www.globes-online.com - on September 17, 2013
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