Project Finance: Practical Case Studies

POWER PLANT

Exhibit 12.2

Structure of the acquisition and refinancing

The AES

Corporation (US)

AES UK

Power LLC (US)

100%

99%

1%

89%

11% AES UK Power

Holdings Limited (UK)

AES UK Power

Financing II

Limited (UK)

AES Drax Energy II

Limited (UK)

Guarantor of

high-yield notes

Issuer of

high-yield

notes

99%

99%

1%

1%

AES UK Power

Financing Limited (UK)

AES Drax Power

Financing Holdings

Limited (UK)

AES Drax

Energy Limited

(Cayman Incorporated/

UK tax resident)

AES Drax Power

Finance Limited (UK)

AES Drax

Financing Inc. (US)

AES UK Power

Limited (UK)

AES Drax

Investments

Holdings Limited

(UK)

AES Drax

Investments Limited

(UK)

Guarantor

of bonds

Issuer

of bonds

Guarantor

of bonds

Guarantor

of bonds

Guarantor

of bonds

AES Drax Acquisition

Holdings Limited (UK)

AES Drax

Acquisition Limited (UK)

AES Drax

holdings Limited

(Cayman Incorporated/

UK tax resident)

AES Drax

Electric Limited

(Cayman Incorporated/

UK tax resident) AES Drax Limited

(Cayman Incorporated/

UK tax resident)

AES Drax

Power Limited

(formerly National Power

Drax Limited) (UK)

Bank lenders

InPower

Limited £1.725m

Bonds

£425m

purchase

price

Forward sale

of shares

Loans £905m

AES Drax

Financing Limited

(UK)