GE Energy Financial Services and Competitive Power Ventures closed financing on the 785 megawatt CPV Towantic Energy Center in Oxford, CT.
This is CPV’s second successful project financing since being acquired by Global Infrastructure Partners in May of 2015.
The approximate $753 million debt financing, led by MUFG Union Bank, Credit Agricole Corporate and Investment Bank and CIT Bank was arranged with a total of 16 lenders participating in the financing. The consortium of lenders is comprised of long-standing CPV relationship-based lenders as well as a few lenders for whom CPV Towantic represents first investment in the U.S. power generation markets.
“We are grateful to the Malloy administration, the many Connecticut agencies involved and the scores of staff for all their hard work in reviewing and approving the CPV Towantic project,” said Gary Lambert, CPV President and CEO. “We’d also like to express our deep appreciation to our many supporters and the government of the Town of Oxford and neighboring towns that supported the project over the years for their input and hard work.”
Paul Buckovich, CPV’s Chief Financial Officer, added, “The depth and breadth of support from the project finance lending community is a testament to CPV Towantic’s strong sponsorship by Global Infrastructure Partners and GE Energy Financial Services, its appropriately structured credit profile anchored by a seven-year capacity commitment with ISO-New England, and CPV’s proven track record of successfully developing highly efficient, advanced technology-based power generation facilities to meet market needs.”
CPV Towantic obtained permits to be powered by two of GE’s 7HA heavy-duty gas turbines with a steam turbine and associated generators. The 785-MW combined cycle plant will be able to provide the equivalent power needed to supply approximately 800,000 US homes.
“CPV Towantic represents a significant investment alongside a valued partner and is permitted to introduce GE’s advanced, high efficiency HA power generation technology to the New England region,” said David Nason, president and CEO of GE Energy Financial Services.
Category – Industry
Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!