29.06.05

29.6.2005: Meldung: Calpine Corp.: $123.1 Million Project Finance Facility for Bethpage Energy Center

Calpine Prices $123.1 Million Project Finance Facility for Its Bethpage Energy Center
Tuesday June 28, 1:22 pm ET

SAN JOSE, Calif., June 28 / Calpine Corporation has priced a $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. The loan facility has been fully underwritten by Calyon New York Branch (Calyon). The loan facility will be 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.

Closing of the financing is expected on June 30, 2005. Upon closing, Calpine will receive 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.

"The Bethpage financing will enhance Calpine"s liquidity and provide cost- competitive, long-term financing for this much-needed source of energy on Long Island," said Calpine Chief Financial Officer Bob Kelly. "We are pleased that Calyon supports our near- and long-term financial goals, and we look forward to working with them on future transactions."

The Bethpage 3 power plant is strategically located on Long Island, an area of the country with a great need for clean, reliable electric power supplies. Calpine has a 20-year power contract with the Long Island Power Authority (LIPA) for the project"s full capacity and related energy and ancillary services. Beginning in July 2005, the plant will supply power to Long Island businesses and residents under a comprehensive energy resource plan developed by LIPA.

Bethpage 3 is a natural gas-fired power plant that includes a GE LM6000 combustion turbine in a combined-cycle configuration with a once-through steam generator and steam turbine generator, all supplied from Calpine"s existing equipment inventory. It is located adjacent to Calpine"s existing Bethpage cogeneration facility.

Calpine currently owns and operates the 56-megawatt Bethpage cogeneration plant, the 46-megawatt Bethpage peaking unit and the 47-megawatt Stony Brook cogeneration facility on Long Island, in addition to a 105-megawatt cogeneration power plant located at Kennedy International Airport.

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
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