A key LNG-to-power project in the Dominican Republic is moving forward with the procurement of new project financing.
The Manzanillo LNG-to-power project involves the design, development, construction, operation and maintenance of two combined-cycle thermal power plants — each with an approximate net installed capacity of 420 megawatts — for a total capacity of 840 megawatts, as well as an LNG marine terminal, a jetty, floating storage and regasification unit, and high-voltage transmission lines to inject electricity into the national grid.
Paul Hastings advised the sponsors and borrower on more than $1 billion in project financing and a joint venture for the project. White & Case advised Citibank and JPMorgan Chase Bank, as well as IDB Invest, Corporación Andina de Fomento and the other mandated lead arrangers and senior lenders, on $902.3 million of senior-secured limited-recourse project financing.
Construction completion on the project is targeted f
