Calpine partnership gets $650 million generating plant construction loan

By Caroline Salls

Pittsburgh, June 4 - Calpine Corp. limited partnership Greenfield Energy Centre LP obtained a $650 million non-recourse project loan for the construction of its generating plant in St. Clair Township, Ontario, according to a company news release.

Greenfield is a limited partnership between subsidiaries of Calpine and Mitsui & Co., Ltd., with each partner holding a 50% interest in the Greenfield Energy Centre.

According to the release, the financing was co-arranged by BMO Capital Markets and the Bank of Tokyo-Mitsubishi UFJ, Ltd., and it is structured as a construction loan facility that will convert to an 18-year term loan facility once the plant begins commercial operations.

Construction on the Greenfield Energy Center began in late 2005, and the plant is scheduled to begin operations in 2008.

Calpine, a San Jose, Calif., power company, filed for bankruptcy on Dec. 20, 2005 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 05-60200.

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