Energuate Trust 2.0 (Guatemala)

Energuate Trust 2.0 operates as a Cayman Islands special-purpose financing vehicle structured by Threelands Energy Ltd S.à r.l. to issue senior unsecured debt—specifically, a USD 670 million 6.35% bond due 15 September 2035—for the purpose of refinancing existing loans, prepaying prior-adjustment bonds, funding Energuate’s capital expenditures, and covering transaction costs. First rated in September 2025, Fitch and Moody’s assigned 'BB' (Fitch) and Ba2 (Moody’s) to the issuer, with Fitch subsequently upgrading to 'BB+' in October 2025, affirming a positive outlook based on strong regulated cash flows under Guatemala’s Value-Added Distribution tariff framework. While a specific incorporation year isn’t listed, the bond issuance and LEI registration activities around mid-2025 mark its creation within a structured A/B bond arrangement led by IFC’s USD 100 million A-tranche loan and joint international underwriting.