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Maple Energy: Ethical ethanol?

24 May 2010

Maple Energy has signed a $148.5 million debt financing for a $254 million ethanol project on the northern coast of Peru. Funding on the loan is still dependent on the sponsor rounding out its equity requirement for the project, but brings near to an end a multi-year effort to close a project with an unusual financial and technical risk profile.

The financing consists of $140 million in 12.5-year construction and term debt and an $8.5 million VAT facility. The senior debt breaks down into a $65 million loan from the Corporacion Andina de Fomento (CAF), a $25 million loan from FMO, a $25 million loan from the Inter-American Development Bank and a $25 million loan from Peruvian lender Interbank.

Maple is listed on London’s AIM and the Bolsa Valores de Lima in Peru, and is primarily known as an independent oil and gas producer and occasional power...

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