International Finance Corporation agrees to buy PT Medco shares

WASHINGTON, D.C. 3/5/12 (PennWell) — The International Finance Corporation has agreed to buy an 11% share in PT Medco Power Indonesia, sources report.

The US$112 million equity investment will help the hydroelectric power producer expand its portfolio with five new hydro plants and an additional 390 MW worth of power. Currently, PT Medco relies exclusively on gas-powered power plants for its production, according to the company’s website.

The deal was brokered by Saratoga Capital and includes an unspecified number of other investors.

IFC’s contributions to PT Medco’s project come on the heels of a $60 million investment the corporation made in Pakistan’s 147-MW Patrind hydroelectric plant in December 2011.

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International Finance Corp provides loan for small hydro projects in Armenia

International Finance Corporation, a member of the World Bank Group, has approved a US$15 million loan to Armenian bank Ameriabank to help finance the development of small hydropower projects in the country.

Most of the interest in development would include small hydro projects between 2MW and 4MW in capacity, media reports indicate.

As well as the loan, IFC also will provide advisory services to help Ameriabank assess and review projects, with a focus on environmental and financial aspects, according to media reports.

Earlier this year, IFC provided the bank a US$5 million trade-finance guarantee, allowing it to expand financing for the foreign trade transactions of its clients throughout the country.

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