GE Energy Financial Co-Leads $592MM Power Plant Financing

GE, BNP Paribas, Citigroup and Mitsubishi UFJ Financial Group are co-leading project financing for the construction and operation of the Caithness Moxie Freedom power plant in Luzerne County, PA.

GE Energy Financial Services and its co-leads arranged $592 million senior secured credit facilities to support the project’s construction and operation, with eight other banks in the syndicate.

Moxie Energy and Caithness Energy jointly developed the combined cycle facility. Global Infrastructure Partners, John Hancock and First Reserve are preferred equity investors. The 1,029 megawatt plant will be able to generate the equivalent power needed to supply approximately one million U.S. homes.

“Working with GE on both the technology and the financing helps us move forward with confidence in the construction and operation of the Caithness Moxie Freedom Project,” said Leslie J. Gelber, president of Caithness Energy. “GE’s large, high efficiency 7HA.02 technology allows the project to capitalize on the abundance of low-cost natural gas in Pennsylvania and supports the PJM region’s increased use of cleaner burning natural gas for power generation. We’re excited to get this new plant online and deliver the cleaner, cost-effective energy needed throughout the PJM region.”

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