1.7.2005: Meldung: Calpine Corp. Closes $123.1 Million Project Finance Facility for Its Bethpage Energy Center
Thursday June 30, 5:32 pm ET
SAN JOSE, Calif., June 30 / -- Calpine Corporation has received funding for its $123.1 million, non-recourse project finance facility that will provide funding to complete the construction of the 79.9-megawatt Bethpage Energy Center 3 (Bethpage 3) located in Hicksville, N.Y. Calpine has a 20-year power contract with the Long Island Power Authority (LIPA) for the power plant"s full capacity and related energy and ancillary services beginning in July 2005.
The loan facility has been fully underwritten by Calyon New York Branch (Calyon). The loan facility is comprised of a 20-year Senior Loan, totaling approximately $108.5 million, at a fixed rate of 6.13%, and a 15-year Junior Loan of approximately $14.6 million at a fixed rate of 7.94%. In addition, Calyon has provided Letters of Credit in connection with the financing.
Calpine has received approximately $55 million for costs spent to date on the Bethpage 3 project. An additional amount of approximately $11.2 million will be released to Calpine upon satisfying certain conditions. Remaining amounts available under the project loan facility will be used to fund transaction expenses, the final completion of the project and certain reserve accounts.
A major power company, Calpine Corporation supplies customers and communities with electricity from clean, efficient, natural gas-fired and geothermal power plants. Calpine owns, leases and operates integrated systems of plants in 21 U.S. states, three Canadian provinces and the United Kingdom. Its customized products and services include wholesale and retail electricity, natural gas, gas turbine components and services, energy management, and a wide range of power plant engineering, construction and operations services. Calpine was founded in 1984. It is included in the S&P 500 Index and is publicly traded on the New York Stock Exchange under the symbol CPN. For more information, visit www.calpine.com.
Source: Calpine Corporation