Calpine gets $100 million project financing loan for Metcalf Energy

By Sara Rosenberg

New York, Feb. 2 - Calpine Corp.'s indirect subsidiary Metcalf Energy Center LLC closed on a new $100 million non-recourse credit facility due July 2008, according to a company news release.

ING Capital LLC and Bayerische Landesbank acted as lead arrangers on the deal, with ING also the administrative agent, the bookrunner and the collateral agent and Bayerische Landesbank the syndication agent.

Proceeds will be used to fund construction at Metcalf Energy Center, a 600-megawatt, natural gas-fired power plant.

"Calpine is pleased to have closed the first single-asset, merchant project financing in California since the energy crisis," said Bob Kelly, chief financial officer, in the release. "This financing structure, which uses Calpine Construct Plus construction approach and a Calpine Energy Services power sales agreement, underscores the strength of Calpine's commercial facilities."

Calpine is a San Jose, Calif.-based power company.

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