Calpine: Closing of the Amendment

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Calpine Corporation announced that it has closed on an amendment and extension of its Steamboat facility, a portfolio financing that includes its Mankato Power Plant and Freeport Energy Center. The amendment and extension is for $498.5 million in eight-year senior secured credit facilities, including a $465 million senior term loan facility, an $11 million senior secured power security fund letter of credit and a $22.5 million debt service reserve letter of credit.

The amendment and extension recapitalizes a $467 million construction six-year term loan facility entered into in 2005 that was used to build the Freeport and Mankato projects. Freeport is a cogeneration facility located in Freeport, Texas, and Mankato is a combined cycle facility located in Blue Earth County, Minn.

“We are pleased to have completed this refinancing on favorable terms,” said Zamir Rauf, Calpine Chief Financial Officer. “This is another important step in our commitment to extend our debt maturities and simplify our capital structure.”

The joint lead arrangers in this transaction include Calyon New York Branch, WestLB AG, New York Branch, Cobank ACB, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Landesbank Hessen-Thüringen, Natixis, New York Branch, The Bank of Ireland and Bayerische Hypo- Und Vereinsbank.

About Calpine

Calpine Corporation is helping meet the needs of an economy that demands more and cleaner sources of electricity. Founded in 1984, Calpine is a major U.S. power company, currently capable of delivering nearly 25,000 megawatts of clean, cost-effective, reliable and fuel-efficient electricity to customers and communities in 16 states in the United States and Canada. Calpine owns, leases, and operates low-carbon, natural gas-fired, and renewable geothermal power plants. Using advanced technologies, Calpine generates electricity in a reliable and environmentally responsible manner for the customers and communities it serves.

Forward-Looking Information

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "believe," "intend," "expect," "anticipate," "plan," "may," "will" and similar expressions identify forward-looking statements. Such statements include, among others, those concerning expected financial performance and strategic and operational plans, as well as assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results to differ materially from those anticipated in the forward-looking statements. Please see the risks identified in this release or in Calpine's reports and registration statements filed with the Securities and Exchange Commission, including, without limitation, the risk factors identified in its Annual Report on Form 10-K for the year ended December 31, 2008, and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2009. These filings are available by visiting the Securities and Exchange Commission's web site at or Calpine's web site at Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and Calpine undertakes no obligation to update any such statements.

Calpine Corporation
Investor Relations:
Andre Walker, 713-830-8775
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