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ENRON COMPLETES FINANCING FOR POWER PLANT IN POLAND
FOR IMMEDIATE RELEASE: Wednesday, July 1, 1998
HOUSTON - Enron International announced today that its wholly owned affiliate, Elektrocieplownia Nowa Sarzyna Sp z.o.o (ENS), has achieved financial close on its US$132 million, 116-megawatt natural gas-fired combined heat and power plant in Nowa Sarzyna, Poland. Total financing for the project is approximately US$118.5 million.
Construction will commence in August, and the plant is expected to be operational by the end of 1999. ENS will provide steam to Organika-Sarzyna Chemical Works and to the City of Nowa Sarzyna and electricity to the Polish Power Grid Company. Natural gas for the project will be supplied under a long-term contract with the Polish Oil & Gas Company.
"Enron is pleased to bring Poland's first natural gas-fired independent power project to financial closure," said Joseph W. Sutton, president, CEO and COO of Enron International. "We are excited to begin construction on this important project, which is critical both for our customers and for the independent power industry in Poland."
Lead arranger and underwriter Westdeutsche Landesbank Girozentrale (WestLB) is providing US$18.5 million of funding to the project. Other syndicate members are co-arrangers Allied Irish Bank, Bayerische Vereinsbank AG, Creditanstalt AG and Kredietbank N.V., each providing US$12.5 million, and lead managers Bayerische Landesbank Girozentrale, Erste Bank, De Nationale Investeringsbank N.V., Den norske Bank ASA and Landesbank Hessen-Thüringen, each providing US$10 million. The remaining US$13.5 million is funded through owner's equity.
Enron is the world's leading integrated electricity and natural gas company. The company, which owns approximately $24 billion in energy related assets, produces electricity and natural gas, develops, constructs and operates energy facilities worldwide and delivers physical commodities and risk management and financial services to customers around the world. Enron's Internet address is www.enron.com, and the stock is traded under the ticker symbol, "ENE."
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For additional information please contact:
Kelly Kimberly
(713) 853-5377
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