ABB CONSORTIUM TO BUILD LARGEST INDEPENDENT POWER PROJECT IN LATIN AMERICA.by a unit of ABB n. 1. Among weavers, yarn for the warp. Hence, Noun 1. ABB - an urban hit squad and guerrilla group of the Communist Party in the Philippines; formed in the 1980s Inc. has received a turnkey contract to build a 750 MW gas-fired, combined-cycle power plant at Barranquilla, in northern Colombia. The project has a total installed value of approximately $430 million; the value to ABB is estimated to be in excess of $260 million. The international consortium led by ABB Energy Ventures, Princeton, N.J., also includes Energy Initiatives Inc., a U.S.-based subsidiary of General Public Utilities Corporation; and the Lancaster Distral Group, a Colombia-based company. They will execute the project on a "build, own, operate, and maintain (BOOM)" basis. Construction is to begin immediately, with electric power scheduled to be available as early as March 1996. Full operation in combined-cycle mode is expected within 36 months. The entire Termobarranquilla project (TEBSA) also includes the acquisition and rehabilitation of an existing 230 MW gas-fired thermal plant. The electrical power generated by the combined facilities will be sold to Corporacion Electrica de la Costa
The La Costa Resort and Spa Atlantica (CORELCA), the local public utility, who will also be part owner (Law) one of several owners or tenants in common. See See also: Part of TEBSA. After construction, TEBSA will have a total capitalized value capitalized value n. anticipated earnings which are discounted (given a lower value) so that they represent a more realistic current value since projected earnings do not always turn out as favorably as expected or hoped. in excess of $730 million. ABB's scope of supply comprises five gas turbines and two steam turbines, arranged in two combined-cycle blocks, together with the associated electrical generators, the power plant control system, and equipment for transmission and distribution of the electricity. The design incorporates ABB's advanced combined-cycle technology and low-NOx burners, which enable the achievement of high fuel efficiency with low emissions. ABB Project & Trade Finance International is serving as financial advisor to the consortium. The financing includes loans from Overseas Private Investment Corporation (OPIC OPIC Overseas Private Investment Corporation OPIC Office de la Propriété Intellectuelle du Canada (French: Canadian Intellectual Property Office) OPIC Organization of Professional Immigration Consultants OPIC Ohio Public Interest Campaign ), international commercial banks, and the Export-Import Bank of the United States Export-Import Bank of the United States (Ex-Im Bank) One of the principal U.S. government agencies in international finance. Originally incorporated as the Export-Import Bank of Washington in 1934, its goal is to help finance U.S. . ABB Energy Ventures develops and owns independent power plants worldwide. It is a unit of Norwalk-based ABB (Asea Brown Boveri) Inc., which engineers products and services for power generation, transmission and distribution; industrial processes; and transportation. ABB Inc. and its subsidiaries have sales of approximately $5.6 billion in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . CONTACT: Karen Armour, 203-750-2217 (office) or 203-655-9461 (residence) |
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