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| International Power signs contracts for Elecgas project in Portugal International Power plc announced that, together with project partner Endesa, it has signed an offtake (tolling) contract, an Engineering Procurement and Construction (EPC) agreement and has successfully completed the financing for the new 830 MW CCGT Elecgas project in Portugal. This project will be located on a site adjacent to the existing 600 MW Tejo coal fired power plant. The entire output of the new plant will be sold to Endesa Generacion S.A., a subsidiary of Endesa, under a 25 year tolling contract. The EPC agreement has been signed with Siemens. The plant will be owned and operated on a 50:50 basis by International Power and Endesa. The total project cost is estimated to be €580 million (£443 million), which will be funded by a mix of debt and equity in an 85:15 ratio. For its 50% share, International Power's equity investment will be €44 million (£34 million). The Elecgas greenfield development project is expected to be fully operational in 2011. write your comments about the article :: © 2008 Construction News :: home page |