AES Andres B.V. and Dominican Power Partners own and operate power generation units that in the aggregate have 555 MW of installed capacity which represents approximately 17% of the current total installed capacity in the Dominican Republic.
Itabo owns th lowest –cost thermal power generation units in the Dominicana Republic. Itabo operates power generation units that in the aggregate have 295 MW of installed and effective capacity.
Andres and DPP shareholder is the AES Corporation, which holds 100%.
Itabo is one of the Companies arised from the Public Companies Capitalization process in the Dominican Republic, which was performed under the law 147-97, that included the Corporación Dominicana de Electricidad (CDE), owner of all public electric assets in the Dominican Republic.
The main Itabo’ Shareholders are AES Corporation with a 50%,( indirectly through Coastal Itabo, LTD) , the Dominican Government through the Fondo Patrimonial de la Empresa Pública Reformada (FONPER) with a 49.97% and the rest is property of ex employees of Corporación Dominicana de Electricidad (CDE).
Andres’ and DPP’s registered offices are in The Netherlands and the Cayman Islands, respectively, and their executive offices are in the Dominican Republic. All of Andres’ and DPP’s operations are conducted in the Dominican Republic and all of their revenues are generated in the Dominican Republic.
Itabo office is located in the Dominicana Republic and all its operation, as Andres and DPP, are performed in this country.
Andres, DPP and Itabo main offices are located at the following address: Torre Acropolis, floor 23, #1099 Winston Churchill Avenue. Ensanche Piantini, Santo Domingo. Dominican Republic.
Web site: www.aesdominicana.com.do
Andres is a combined cycle plant capable of burning both natural gas and fuel oil #2.
DPP operates the Los Mina power plant which is comprised of two Westinghouse combustion turbines, Los Mina V and Los Mina VI, which work in simple cycle and can burn both natural gas and fuel oil #2. Los Mina was converted to natural gas in February 2003.
Itabo use coal in its Steam units I and II.
The primary sources of income of Andres, DPP and Itabo are sales of capacity and related energy through their long-term Power Purchase Agreements (PPAs). These PPAs are denominated in U.S. dollars.
Andres and DPP have 15 year PPAs with EDE Este, one of the three distribution companies in the country, expiring in July 2018 and July 2016, respectively. Itabo have PPA’s with Edeeste, Edesur and Edenorte until 2016 for an aggregate capacity of 250 MW.
Andres, DPP and Itabo are not public companies.
With respect to PPAs, the price for contracted capacity is calculated using a base purchase price that is adjusted over time for changes in the U.S. CPI and costs to transport the energy. The price for energy sold in Andres and DPP is calculated using a base energy price that is adjusted over time for changes (i) between the price of natural gas set on the execution date of the PPA and the average natural gas price as quoted on the NYMEX for the month prior to the month in which the energy price is calculated and (ii) between the U.S. CPI for December 2000 and the U.S. CPI for the month prior to the month in which the energy price is calculated. All amounts are calculated in U.S. dollars pursuant to the exchange rate in effect on the date of payment.
In Itabo the price for energy sold is calculated using a base energy price which is adjusted over time changes (i) weighing 40% between a base coal price and the average coal price corresponding to a weighing of 25% of the Mc Closkey Coal Information Services and 75% of the Puerto Bolivar price for coal for the six-month period beginning on January 1 or July 1 of each year, as applicable, in which the energy price is calculated and (ii) weighing 60% between the US CPI for march 2001 and the US CPI for the month prior to the month in which the energy price is calculated.
As of March 31, 2013:
Andres 95
DPP 32
ITABO 143
Andres, DPP and Itabo prepare their financial statements in Dollars in conformity with the International Financial Reporting Standars , as of any date of determination, or “IFRS's”.
The bond of US$284 Million was issued by Andres Dominicana LTD (US$167,560,000) and Itabo Dominicana LTD (US$116,440,00)
Andres Dominicana, LTD
Fitch Ratings | Senior Notes 2020 | B Stable
Standard & Poor's | Senior Notes 2020 | B Stable
Itabo Dominicana, LTD
Fitch Ratings | Senior Notes 2020 | B Stable
Standard & Poor’s | Senior Notes 2020 | B- Stable
Financial information on Andres, DPP and Itabo can be requested by emailing: inversoraescac@aes.com
The financial statements of Andres, DPP and Itabo are audited by Ernst & Young.
You can contact the AES Dominicana Investor Relation team in the AES Dominicana headquarters at: Torre Acrópolis. Piso 23, #1099 Winston Churchill Avenue. Ensanche Piantini, Santo Domingo. Dominican Republic. Or at the following e-mail: inversoraescac@aes.com
