Project Finance: Practical Case Studies

POWER PLANT

Exhibit 3.2Project ownership structure

Emcali

BEn Generating

(International) VIII Ltd

(BEnICO)

Bechtel

Enterprises, Inc

BE

NT

ermoEmcali

Holdings Ltd

(BTH)

Caligen Limitada

(Caligen)

JMC Cauca Valley, Inc

(Leaseco) TermoEmcali Funding Corp

(Funding Corp)

TermoEmcali I

SCAESP.

(TermoEmcali)

Mayflower Holding, Inc

Corporacion Financiera

de Pacifico SA

(CFP)

100%

90%

43%

25.4691%

3.1479%

10.35%

5.26% (non-voting)(To be acquired)

84.39% 100%

25.383% (Managing shareholder)

3%

(Managing shareholder)