Mirant Marsh Landing gets $650 million construction financing loan

By Sara Rosenberg

New York, Oct. 12 - Mirant Marsh Landing LLC closed on its new $650 million credit facility, according to a news release.

The facility consists of $500 million of 10-year construction and term loan debt, and $150 million of letter-of-credit facilities.

Proceeds are being used to provide construction and permanent financing for the Marsh Landing Generating Station. Construction is scheduled to begin later this year and is slated for completion by mid-2013. The total cost of the station is expected to be roughly $700 million.

Marsh Landing, which is owned by Mirant Corp., will be a 760 MW natural gas-fired peaking facility to be located near Antioch, Calif.

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