Power Case Study: Maritza East 1, Bulgaria

In Bulgaria, MIGA has issued €99 million in guarantees for the construction of a new power plant. The guarantees cover €89 million in loans and interest on loans syndicated by Calyon of France, and a €10 million equity investment by AES Bulgaria Holdings BV, a wholly owned subsidiary of the USbased AES Corporation. The guarantees are for 16 years and cover the risks of expropriation and war and civil disturbance. MIGA’s involvement played an important role in the project’s ability to mobilize long-term commercial bank funding.