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JULY 2013
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117 EMPRESA ELéCtRICA
GUACoLdA SECURES $18M PRoJECt FInAnCInG FRoM
BAnCo ItAú And BAnCo dEL EStAdo dE CHILE
Palma Abogados has advised Banco Itaú and Banco del Estado de Chile in providing a US$318 million project financing for Empresa Eléctrica Guacolda’s coal-fired electricity generation plant in the Atacama region of Chile.
Empresa Electrica Guacolda S.A., together with its subsidiary, Compania Transmisora del Norte Chico S.A., engages in the exploitation, generation, transmission, distribution, and sale of electric power in Chile. The company operates Guacolda Thermoelectric power plant with a total capacity of 304 mega watts. It also provides port and pier services, and engineering services. The company was founded in 1992 and is based in Santiago, Chile. Empresa Electrica Guacolda S.A. operates as a subsidiary of AES Gener S.A. LM
JEt AIRWAYS to SELL A 24% StAKE to EtIHAd AIRWAYS
Etihad Airways of the United Arab Emirates and Jet Airways of India recently announced that the UAE national carrier has agreed to subscribe for 27,263,372 new shares in Jet Airways at a price of InR754.74 per share. the value of this equity investment is US$379 million and will result in Etihad Airways holding 24 per cent of the enlarged share capital of Jet Airways.
Etihad Airways' wider overall commitment to Jet Airways includes the injection of US$220 million to create and strengthen a wide-ranging partnership between the two carriers.
As part of this Etihad Airways paid US$70 million to purchase Jet Airways’ three pairs of Heathrow slots through the sale and lease back agreement announced on 27 February 2013. Jet Airways continues to operate flights to London utilising these slots.
An amount of US$150 million will be invested by Etihad Airways by way of a majority equity investment in Jet Airways’ frequent flyer program "Jet Privilege", subject to appropriate regulatory and corporate approvals and final commercial agreements which are expected to be completed within the next six months.
Under the strategic partnership, the airlines will gradually expand existing operations and introduce new routes between India and Abu Dhabi, providing an ever wider choice to the travelling public. They will combine their network of 140 destinations, with Jet Airways establishing a Gulf gateway in Abu Dhabi and expanding its reach through Etihad Airways’ growing global network.
Etihad Airways President and Chief Executive Officer, James Hogan, said: “We are pleased to have reached this significant stage in India with Jet Airways and are certain the partnership will bring significant benefits and opportunities for global growth to both airlines. LM
Empresa Eléctrica Guacolda
Etihad Airways