Orzunil Geothermal Power Project in Guatemala

As financial advisors to Ormat in a $65 million, 28 MW geothermal power project, Delphos arranged a senior loan facility of $45 million provided by International Finance Corporation (“IFC”) under an A/B loan structure. The B loan of $27 million, which was arranged by ING, included FMO, (the Dutch Development Agency), as a lender. CDC Capital Partners of the UK provided $18 million in debt. Delphos also arranged for an equity investment by the IFC-backed Scudder Latin American Fund in the amount of $9 million. Multilateral Investment Guarantee Agency (“MIGA”) provided lender and sponsor political risk insurance. This project will be a cost-competitive power plant in Guatemala and an important component of the country’s power sector reform program, utilizing locally available fuel sources other than hydro. The output of the plant is sold under a 20-year power sales agreement with the national utility.



  • Renewables & Power

Client Name


Services Provided

  • Capital Raising


  • Latin America & the Caribbean


  • Guatemala