SCC Power Subsidiary Raises $135 Mn to Fund San Pedro Power Plant Expansion

SCC Power Plc announced that its Argentine subsidiary SPI Energy S.A. has successfully obtained financing to fund the expansion and conversion to combined cycle of the San Pedro power plant.

SPI Energy issued, through a public offering in the Argentine market, two series of U.S. Dollar-Linked senior secured notes for an aggregate principal amount of US$135,000,000 comprising its 4.00% Class 1 Senior Secured Notes due 2026, for an aggregate principal amount of US$33,499,900, and 6.75% Class 2 Senior Secured Notes due 2032, for an aggregate principal amount of US$101,500,100.

The Notes are secured with first priority liens on SPI Energy's rights under the project, including the combined cycle PPA with CAMMESA, and the project's EPC contract and equipment.

The expansion and conversion to combined cycle of the San Pedro plant consists on the installation of a 55 MW steam turbine, three heat recovery steam generators, an aero-condenser and various other auxiliary components which will increase aggregate plant capacity to 209 MW and enhance energy efficiency by 25%, placing San Pedro amongst the most efficient thermal generators in the Argentine power matrix.

The combined cycle is expected to become fully operational by February 2024.

The issuance of the Notes is a milestone in SCC Power's history, evidencing investors' support following the recent acquisition of Stoneway Capital Corporation's assets by SCC Power.