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Viewing cable 07COLOMBO622, SRI LANKA: AMBASSADOR URGES MINISTER OF POWER AND ENERGY TO

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Reference ID Created Released Classification Origin
07COLOMBO622 2007-04-26 12:36 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Colombo
VZCZCXRO7964
RR RUEHBI RUEHLMC
DE RUEHLM #0622 1161236
ZNR UUUUU ZZH
R 261236Z APR 07
FM AMEMBASSY COLOMBO
TO RUEHC/SECSTATE WASHDC 5923
INFO RUCPDOC/USDOC WASHDC
RUEHNE/AMEMBASSY NEW DELHI 0891
RUEHKA/AMEMBASSY DHAKA 0057
RUEHIL/AMEMBASSY ISLAMABAD 7038
RUEHKT/AMEMBASSY KATHMANDU 5123
RUEHKP/AMCONSUL KARACHI 2181
RUEHCG/AMCONSUL CHENNAI 7613
RUEHBI/AMCONSUL MUMBAI 5313
RUEHGV/USMISSION GENEVA 1987
RUEATRS/DEPT OF TREASURY WASHDC
RUEHLMC/MILLENNIUM CHALLENGE CORPORATION
UNCLAS COLOMBO 000622 
 
SIPDIS 
 
SENSITIVE, SIPDIS 
 
STATE FOR SCA/INS AND EEB/IFD/ODF 
STATE PASS TO USTR 
MCC FOR D NASSIRY AND E BURKE 
 
E.O 12958: N/A 
TAGS: EINV ENRG PREL CE
SUBJECT: SRI LANKA: AMBASSADOR URGES MINISTER OF POWER AND ENERGY TO 
POST MISSING LETTERS OF CREDIT FOR AES POWER PLANT 
 
REF: 14SEPT2006 MERRIN-DAUGHTRY/GOWER EMAIL OF 2006 COLOMBO REPORT 
ON INVESTMENT DIPUTES 
 
1. (SBU) Summary: U.S. company AES, operating a 163 megawatt power 
plant in Sri Lanka since 2003, has never received two 
contractually-required letters of credit from the state-owned Ceylon 
Electricity Board as protection against non-payment of AES's fuel 
costs.  Ambassador, joined by AES project director, urged Power and 
Energy Minister Seneviratne to resolve the issue, which has 
prevented AES from distributing dividends to its investors.  The 
Minister agreed that the electricity board, which he supervises, was 
obligated to deliver the letters of credit and said he would attempt 
to overcome obstacles put up by the board and the state-owned 
People's Bank.  End summary. 
 
2. (SBU) Ambassador Blake called on Minister of Power and Energy 
John Seneviratne April 25 to attempt to resolve an outstanding 
contract issue involving U.S. investor AES Kelanitissa (Private) 
Limited.  AES project director Shahid Khan and Econoff were also 
present.  AES's $104 million, 163 megawatt combined cycle power 
plant in Colombo's Kelanitissa neighborhood has been in operation 
since 2003 and is the largest U.S. infrastructure investment in Sri 
Lanka.  AES's power purchase agreement with the state-owned Ceylon 
Electricity Board (CEB) called for CEB to post two letters of credit 
to protect AES against possible non-payment of CEB-reimbursable fuel 
and operating costs.  CEB has never posted the letters of credit, 
though it does not dispute its obligation to do so.  It blames the 
state-owned People's Bank for being unwilling to write the letters 
of credit. 
 
3. (SBU) Ambassador began by telling Minister Seneviratne that 
American companies frequently ask about the investment environment 
in Sri Lanka; they would surely do so next week when Ambassador 
would join Sri Lankan officials to describe offshore oil exploration 
prospects at a major conference in Houston.  The CEB's failure to 
post the required letters of credit "sends bad signals to companies 
thinking of investing in Sri Lanka," the Ambassador said.  He hoped 
that Seneviratne, whose ministry oversees the CEB, would help 
rectify the problem and thereby show that the Government of Sri 
Lanka respected the sanctity of its contracts. 
 
4. (SBU) Khan added that AES had been patient, waiting for over 
three years for the letters of credit.  But, their non-payment was 
technically a default under the power purchase agreement.  As a 
result, AES's lenders, including the Asian Development Bank and ANZ 
Investment Bank, have blocked AES from distributing dividends to 
investors.  AES understood that the CEB's weak financial position 
was part of the reason that People's Bank had withheld the letters 
of credit.  (Note: The CEB operates at a loss due to government caps 
on electricity tariffs.)  To make it easier for CEB, AES would 
accept CEB initially posting only a U.S. dollar letter of credit for 
$4.2 million.  A second letter was due for the Sri Lankan Rupees 
equivalent of $55 million, but AES would be willing to accept a $15 
million letter instead, and could wait longer for it. 
 
5. (SBU) Minister Seneviratne said he had been unaware of the 
problem, but acknowledged that CEB was contractually obligated to 
post the letters of credit.  He called a Secretary-level subordinate 
into his office and asked him to check into the matter.  Following 
this phone call, the minister informed the Ambassador and Khan that 
he would "summon" the chairman of People's Bank, who, as the CEB's 
banker, should do what CEB asks.  If not, the Minister said, CEB 
should get another bank to issue the letters. 
 
6. (SBU) Comment: The minister's intervention looks promising, and 
reinforces Post's and Khan's judgment that this issue was unlikely 
to be resolved unless elevated to the ministerial level.  Post will 
report further developments, as well as in the matter of the $3 
million debt that CEB owes to AES for power AES produced under a 
contract separate from its original power purchase agreement (ref 
email).  For now, AES has decided to pursue the letters of credit, 
which it believes it is more likely to get and which are more 
important because they would permit AES's investors to begin seeing 
returns on their investments. 
BLAKE