NuCoastal seeks financing for further four
NuCoastal Power has held discussions with banks about financing a series of four power plants in Texas. NuCoastal, which is changing its name to ReNu Power following an investment from an ArcLight-managed fund, is close to completing the repowering of the Victoria gas-fired project. Victoria is a 491MW plant located in East Texas, whose rehabilitation NuCoastal financed with an $87 million loan from Calyon in November 2007.
The four remaining plants include three gas facilities – of which one is located in Corpus Christi and one in McAllen – and a 303MW petcoke-fired plant in Point Comfort, which has already received its air permit. Victoria and the four plants under development have a total capacity of 1,500MW, and would dispatch into the ERCOT power pool. NuCoastal acquired the portfolio from Topaz Power in late 2006, while Topaz itself closed a repowering financing earlier this year.
Lea Power nears completion with equity injection
ArcLight Capital's Lea Power project is close to achieving substantial completion, despite cost overruns and delays that have required the sponsor to contribute additional equity to the project. Lea Power is a 604MW combined-cycle gas-fired plant located in Hobbs, New Mexico, and was financed in 2007 through a $305 million Lehman Brothers- and Calyon-led bond issue. The developer was Genova Power, which used a combination of second-hand equipment and a non-firm construction contract to build the plant.
The project was scheduled to come online on 1 June 2008, but only entered commercial operations on 16 September. Because...
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