By Stephanie N. Rotondo
Portland, Ore., Feb. 2 - ATCO Power, a subsidiary of ATCO Group of Cos., announced Monday it had secured a $100 million credit facility through Commonwealth Bank of Australia.
The new facility will be used to fund construction of the Karratha Power Station, located in the Pilbara region of Western Australia.
During construction, interest on the facility will be at 5.71% and will increase to 6.16% upon completion of the station. The facility term is construction plus five years.
The new power station will produce 86 megawatts and will use 35% less gas and produce 35% less greenhouse gas emissions, according to a news release.
Power from the station will be sold under a 20-year purchase agreement with state-owned Horizon Power. The first unit is expected by February 2010.
ATCO Power is a Calgary, Alta.-based producer of power generation facilities.
| Security description: | Credit facility
|
| Amount: | $100 million
|
| Coupon: | 5.71% during construction, 6.16% thereafter
|
| Maturity: | Construction plus 5 years
|
| Settlement date: | Feb. 2
|
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