12.11.03

12.11.2003: Meldung: Calpine Corp.: Project Refinancing Completed

Calpine Completes $140 Million Project Refinancing for 300-megawatt Blue Spruce Energy Center
Tuesday November 11, 8:30 am ET

SAN JOSE, Calif., Nov. 11 / Calpine Corporation (NYSE: CPN - News) completed a $140 million, 15-year term loan for its 300-megawatt Blue Spruce Energy Center located in Aurora, Colo. The new financing replaces a construction loan, which the company entered into in August 2002. Calpine sells the full output of the plant to Public Service Co. of Colorado (Public Service) under a ten-year tolling agreement. Beal Bank, Dallas, Texas, provided the term loan.

"This demonstrates Calpine"s continued successful implementation of its financing strategy, whereby commercial, bank-provided construction facilities are refinanced with attractive, long-term financing in the capital markets," said Brian Harenza, Calpine vice president, finance.

The Blue Spruce Energy Center entered operations in April 2003. Under the ten-year tolling agreement, Public Service has dispatch rights for all of the capacity and energy produced by the power plant. It also manages the purchase and delivery of natural gas used to fuel the facility.

The power plant is located in an industrial area east of Denver in Aurora, and interconnects with Public Service"s transmission lines, with access to nearby gas pipelines serving the region. The facility"s strategic location enables it to directly support Public Service"s grid when power is needed the most.

Calpine Corporation is a leading North American power company dedicated to providing electric power to wholesale and industrial customers from clean, efficient, natural gas-fired and geothermal power facilities. The company generates power at plants it owns or leases in 22 states in the United States, three provinces in Canada and in the United Kingdom. Calpine is also the world"s largest producer of renewable geothermal energy, and it owns approximately 900 billion cubic feet equivalent of proved natural gas reserves in Canada and the United States. The company was founded in 1984 and is publicly traded on the New York Stock Exchange under the symbol CPN. For more information about Calpine, visit www.calpine.com.


Source: Calpine Corporation
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