Gas-Fired Merchant Power Plant in Argentina

Delphos served as an advisor along with the Bank of Tokyo-Mitsubishi to PSEG Global Inc. and The AES Corporation in the financing of the 830 MW gas-fired AES Parana power plant (total project costs of $448 million), which became the first merchant power plant in an emerging market to be financed on a non-recourse basis. Delphos arranged a senior debt facility of $214 million provided by the Inter-American Development Bank, Japan Bank for International Cooperation, and EID-MITI of Japan. A major portion of the senior debt came from a B-loan syndication of commercial banks led by West LB, ING Bank, and Bank of Tokyo-Mitsubishi. The transaction received the Project Finance magazine’s Deal of the Year award for 1999.



  • Oil & Gas

Client Name

PSEG Global Inc. and AES Corporation Argentina

Services Provided

  • Capital Raising


  • Latin America & the Caribbean


  • Argentina