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Thermal Power
  • GE Energy Financial Services and Competitive Power Ventures Close Financing on 785MW CPV Towantic Energy Center in Oxford, Connecticut
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  • GE Receives 22nd and 23rd Orders for Largest, Most Efficient HA Turbines; Caithness Moxie Freedom Project Marks First Project Financing for HA
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The Thermal Power segment of GE Energy Financial Services invests in the development, generation, and transmission of power using traditional fuels. For more than 30 years, we have invested both debt and equity in power projects, which we or third parties operate.

  • EFS holds equity and debt investments in
    power projects with a capacity
    to produce 45 total gigawatts
  • Thermal Power Projects

    (Click below to expand)

    Year
    Product
    Project
    Technology
    Megawatts
    Location
    2016
    Financing
    Towantic CPV
    Gas
    785 MW
    Oxford, CT

    GE Energy Financial Services and Competitive Power Ventures Close Financing on 785MW CPV Towantic Energy Center in Oxford, Connecticut

    BRAINTREE, MA , Mar 11, 2016 — Competitive Power Ventures ("CPV") and GE unit (NYSE: GE) GE Energy Financial Services announced today they have closed financing on the 785 megawatt ("MW") CPV Towantic Energy Center ("CPV Towantic") in the Western Connecticut town of Oxford. This is CPV's second successful project financing since being acquired by Global Infrastructure Partners in May 2015. The approximate $753 million debt financing, led by MUFG Union Bank, N.A., Credit Agricole Corporate and Investment Bank, and CIT Bank, N.A., was arranged with a total of sixteen lenders participating in the financing. The consortium of lenders is comprised of long-standing CPV relationship-based lenders as well as a few lenders for whom CPV Towantic represents their first investment in the U.S. power generation...

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    GE Energy Financial Services and Competitive Power Ventures Close Financing on 785MW CPV Towantic Energy Center in Oxford, Connecticut

    "CPV Towantic represents a significant investment alongside a valued partner and is permitted to introduce GE's advanced, high efficiency HA power generation technology to the New England region."
    — David Nason President & CEO of GE Energy Financial Services
    • $753 million

      debt financing

    • 800,000

      US homes powered

    Close
    2016
    Equity
    Los Guindos
    Gas
    139 MW
    Bio Bio Region, Los Guindos

    GE Energy Financial Services Invests in GE-Powered Los Guindos Power Station in Chile

    SANTIAGO, CHILE , Feb 25, 2016 — GE (NYSE: GE) Unit, GE Energy Financial Services has partnered in the Chilean power market for the first time with Inprolec SA by acquiring a 75 percent stake in the 139-megawatt open-cycle Los Guindos Power Plant.Inprolec is a member of the Ingelec Group with over 28 years of experience in the energy industry, and was responsible for the development and construction of the plant, continues to manage its operation and retains a 25 percent ownership interest. Situated near the Pacific natural gas pipeline 490 kilometers from Santiago, in the Bio Bio region of Chile, Los Guindos operates as one of the most efficient plants in the region with GE's 9E turbine. Financial details are not disclosed. This transaction demonstrates GE's commitment to meeting customer needs in...

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    GE Energy Financial Services Invests in GE-Powered Los Guindos Power Station in Chile

    "Los Guindos allows us to deploy capital in one of our priority markets. Our investment offers options for growth alongside an experienced participant in Chile's energy markets with a proven track record of success"
    — Andrew Marsden Managing Director and head of EMEA & Latin America at GE Energy Financial Services.
    • 139 MW

      open-cycle power plant

    • GE 9E

      turbines

    Close
    2015
    Financing
    Moxie Freedom Project
    Gas
    1029 MW
    Luzerne County, PA

    GE Receives 22nd and 23rd Orders for Largest, Most Efficient HA Turbines; Caithness Moxie Freedom Project Marks First Project Financing for HA

    SCHENECTADY, NY, Dec 8, 2015 — Leadership takes moxie. GE (NYSE:GE), BNP Paribas, Citigroup and Mitsubishi UFJ Financial Group are co-leading project financing for construction and operation of the Caithness Moxie Freedom power plant in Luzerne County, PA - the first plant using GE's high efficiency 7HA.02 gas turbines to be project financed. Moxie Energy LLC and Caithness Energy, L.L.C. jointly developed the combined cycle facility. Global Infrastructure Partners, John Hancock and First Reserve are preferred equity investors. The 1,029 megawatt (MW) plant will be able to generate the equivalent power needed to supply approximately one million US homes. "Working with GE on both the technology and the financing helps us move forward with confidence in the construction and operation of the Caithness...

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    GE Receives 22nd and 23rd Orders for Largest, Most Efficient HA Turbines; Caithness Moxie Freedom Project Marks First Project Financing for HA

    "Being selected for the Caithness Moxie Freedom Project shows the power of the GE store"
    — Joe Mastrangelo President and CEO, gas power systems at GE Power
    • 1,000,000

      US Homes powered

    • Two GE 7HA.02

      gas turbines

    Close
    2015
    Financing
    Salem Harbor Station
    Gas
    674 MW
    Salem, MA

    Salem Harbor Station Closes Equity and Debt Financing

    SALEM, MASSACHUSETTS, Jan 9, 2015 — Footprint Power Salem Harbor Development LP today announced that it has obtained the financing necessary to complete the construction of the new Salem Harbor Station. The financial close caps off a month of major milestones for the project, including execution and unanimous approval by the Salem City Council of a long term property tax payment agreement and a community benefits agreement, and the execution of an engineering, procurement and construction contract (EPC). Under the terms of the financing transaction, Highstar Capital IV, L.P., and its affiliated funds ("Highstar IV") managed by Oaktree Capital Management, L.P. ("Oaktree") will invest 87.5% of the equity necessary for construction of the project. An affiliate of Toyota Tsusho Corporation ("Toyota Tsusho") will invest...

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    • Joint lead-arranger

      $600M Debt Facility

    • 674-MW

    Close
    2014
    Financing
    Saguaro Power Plant
    Gas
    105 MW
    Henderson, NV

    GE Connects Capital and Equipment for Saguaro Power Company's 105-Megawatt Gas-Fired Co-Generation Plant in Nevada

    HENDERSON, NEV., Jan 6, 2014 — Supporting a power plant that uses GE technology to deliver reliable, lower-emission energy while expanding its generation portfolio, GE Energy Financial Services - through GE Capital Markets, Inc. – served as the lead arranger in a $97.4 million senior secured credit facility for Saguaro Power Company’s 105-megawatt combined cycle cogeneration project in Nevada. Affiliates of NRG Energy (NYSE: NRG) and a partnership between MSD Capital, L.P. and Paragon Energy Holdings each maintain 50 percent ownership in the plant, located in Henderson. In addition to GE Energy Financial Services, CIT Corporate Finance, Energy participated in the credit facility as a lender and Documentation Agent. Additional financial details of the transaction were not disclosed. A key...

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    GE Connects Capital and Equipment for Saguaro Power Company's 105-Megawatt Gas-Fired Co-Generation Plant in Nevada

    "This cogeneration project illustrates GE's unique ability to provide both energy capital and technology. Our growth in power plant debt has also recently included loans for the 700-megawatt CPV Woodbridge Energy Center and 584-megawatt Nelson Energy Center."
    — Carl Peterson Managing Director and Debt Origination leader at GE Energy Financial Services.
    • Debt

      Investment

    • 105-megawatt

      gas-fired co-generation plant

    Close
    2014
    Financing
    Elgin Energy Center
    Gas
    484 MW
    Elgin, IL

    GE Unit Provides $50 Million Loan for Illinois Power Plant

    LAS VEGAS AND ELGIN, ILLINOIS, Apr 8, 2014 — Growing its power debt business, GE unit (NYSE: GE) GE Energy Financial Services is providing a loan to investment firm Rockland Capital, LLC to support its acquisition of the gas–fired Elgin Energy Center in Illinois. The deal was announced today at the 29ͭ ͪ Annual Platt's Global Power Markets Conference in Las Vegas where GE Energy Financial Services serves as an Executive Sponsor. Rockland Capital purchased the power generation facility, which sits on a 27–acre site 40 miles northwest of Chicago, as part of a larger acquisition earlier this year. GE Energy Financial Services is providing a $50 million senior secured term loan that will be used in part to finance the Elgin acquisition and pay related fees and expenses. Further details...

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    GE Unit Provides $50 Million Loan for Illinois Power Plant

    "The Elgin investment marks our first opportunity to serve Rockland Capital as a lead lender, and underscores GE's ability to lead both contracted and merchant power transactions."
    — Carl Peterson Managing Director and Debt Origination leader at GE Energy Financial Services
    • $50 million senior secured term loan

      Debt Investment

    • 484-megawatt

      gas-fired power plant

    Close
    2014
    Financing
    Grays Harbor Energy Center
    Gas
    620 MW
    Elma, WA

    Invenergy Completes Refinancing For Grays Harbor Energy Center in Washington State

    CHICAGO, IL, Apr 29, 2014 — Invenergy Development Company LLC announced today the successful refinancing of its 620 MW Grays Harbor Energy Center ("Grays Harbor"), a natural gas-fueled power generation project in Elma, Washington. Grays Harbor, which began commercial operations in 2008, is located approximately thirty miles west of Olympia, in Grays Harbor County. The facility consists of two gas-fired GE Frame 7FA combustion turbines and one GE steam turbine generator operating in combined–cycle mode with duct firing. GE Energy Financial Services – through GE Capital Markets, Inc. – acted as Book Runner and Joint Lead Arranger for the transaction. CoBank also served as Joint Lead Arranger. In addition, BNP Paribas and Union Bank are providing financing in...

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    • Debt

      refinancing

    • 620-megawatt

      Natural Gas-Fired Power Plant

    Close
    2014
    Financing
    Newark Energy Center
    Gas
    705 MW
    Newark, NJ

    Energy Investors Funds Acquires Hess Corporation's 50 Percent Equity Stake In GE-Powered Newark Energy Center In New Jersey With Financing From Credit Agricole, GE And MUFG

    NEWARK, NJ, Jun 20, 2014 — Energy Investors Funds ("EIF"), an energy–focused private equity firm, announced today that two EIF–managed funds have indirectly acquired an additional 50 percent ownership stake in the Newark Energy Center from Hess Corporation (NYSE: HES) using a $590 million loan from Crédit Agricole Corporate and Investment Bank, GE unit (NYSE: GE) GE Energy Financial Services and Mitsubishi UFJ Financial Group (MUFG). EIF–NEC, LLC, an entity jointly owned by the two EIF–managed funds, will use the loan to support the acquisition, construction and operation of the 705–megawatt power plant, which is being built using GE's advanced combined–cycle, natural gas–fired turbine technology. With this acquisition, EIF–NEC now holds...

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    Energy Investors Funds Acquires Hess Corporation's 50 Percent Equity Stake In GE-Powered Newark Energy Center In New Jersey With Financing From Credit Agricole, GE And MUFG

    "This is the sixth thermal debt investment our group has led in the last year, with a total project capacity exceeding 3,000 megawatts. The Newark Energy Center highlights GE's ability to combine technology and financial structuring expertise to provide unique solutions that meet our customers' needs."
    — Carl Peterson Managing Director and Debt Origination leader at GE Energy Financial Services
    • Debt Investment

    • 705-megawatts

      gas-fired power plant

    Close
    2014
    Financing
    CPV St. Charles Energy Center
    Gas
    725 MW
    Charles County, MD

    GE Energy Financial Services Led $550 Million Financing in support of the CPV St. Charles, MD Power Project

    CHARLES COUNTY, MARYLAND, Aug 8, 2014 — Maryland–based Competitive Power Ventures (CPV) and partners Marubeni and Toyota Tsusho announced today they have closed financing with GE unit (NYSE:GE) GE Energy Financial Services and 14 other lenders for the $775 million CPV St. Charles Energy Center under construction in Waldorf, Charles County, Maryland. Financial details were not disclosed. Located 25 miles southeast of Washington, DC, the CPV St. Charles Energy Center is a state–of–the–art 725– megawatt (MW) combined–cycle natural gas–fired power plant using two reliable, highly efficient GE 7F.05 Gas Turbines and a GE D400 Steam Turbine. The project will be constructed by SNC Lavalin Constructors Inc. and operated by EthosEnergy Power Plant Services, LLC. The project will...

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    "GE is pleased to continue its long relationship with CPV by providing world–class technology connected with financing attractive to debt capital markets"
    — Carl Peterson Managing director and head of energy lending at GE Energy Financial Services
    • Lead arrange $550

      Debt Facility

    • 725-megawatt

      Natural Gas-Powered Combined-Cycle Facility

    Close
    2013
    Financing
    CPV Woodbridge Energy Center
    Gas
    700 MW
    Woodbridge Township, NJ

    GE arranges financing, provides technology and services for gas-fired project in NJ

    WOODBRIDGE TOWNSHIP, NJ, Sep 20, 2013 — Competitive Power Ventures (CPV), GE Energy Financial Services and ArcLight Capital Partners announced today that they have closed financing for the $842 million CPV Woodbridge Energy Center. GE is providing financing, advanced power generation technology and services for the electric generating facility under construction in Woodbridge, New Jersey — six miles from where Thomas Edison designed the world’s first reliable electric light bulb 134 years ago. The project is owned by Competitive Power Ventures, ArcLight Capital Partners and Toyota Tsusho and will be operated by an affiliate of co-owner ArcLight. It is expected to sell its capacity through 15-year Standard Offer Capacity Agreements (SOCA) with New Jersey utilities, and energy through a hedge. The CPV...

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    GE arranges financing, provides technology and services for gas-fired project in NJ

    "By providing both capital and technology for the Woodbridge Energy Center, we are applying our skills as banker and builder, drawing on our financial strength, risk management and technical know-how. These skills are especially important when working with customers with whom we have long-standing relationships – CPV, ArcLight and Toyota Tsusho."
    — Alex Urquhart President and CEO of GE Energy Financial Services
    • Lead arrange $561M

      Debt facility

    • 700-MW

      Natural Gas-Powered Facility

    Close
    2013
    Financing
    Nelson Energy Center
    Gas
    584 MW
    Rock Falls, IL

    GE Providing Financing, Technology and Services for Gas-Fired Power Plant In Illinois

    ROCK FALLS, IL, Dec 12, 2013 — GE (NYSE: GE) announced today it is anchoring a lending group for longtime customer Invenergy LLC to finance construction of its 584-megawatt Nelson Energy Center in Illinois. The plant will operate with GE’s 7F gas turbine technology, with support of a long-term GE maintenance services agreement. GE Energy Financial Services served as the administrative agent, bookrunner and — through GE Capital Markets, Inc. — as primary lead arranger of the senior secured credit facilities. GE Energy Financial Services, ING Capital LLC and Siemens Financial Services, Inc. are providing construction and term loans for the plant, under construction in Rock Falls, about 120 miles west of Chicago. ING Capital LLC served as joint lead arranger and documentation agent....

    Read Full Press Release

    GE Providing Financing, Technology and Services for Gas-Fired Power Plant In Illinois

    " This transaction reinforces GE's unique ability to connect financing and technology to serve a common customer, expands our relationship with longtime customer Invenergy to lead arranging and grows our debt portfolio."
    — Carl Peterson Managing Director and Debt Origination Leader at GE Energy Financial Services
    • Debt

      Investment

    • 584-megawatt

      gas-fired power plant

    Close
    2003
    LP
    Mirant
    N/A
    N/A
    Virginia, US

    Mirant Reaches Agreement to Sell Birchwood Virginia Assets

    ATLANTA, GA, May 20, 2003 — Mirant (NYSE: MIR) today announced that it signed an agreement to sell all but one half of one percent of its 50 percent interest in the coal–fired Birchwood power plant and related facilities to the Global Energy unit of GE Structured Finance (GESF) for a gross sales price of approximately $71 million. The estimated after–tax book gain to Mirant is $41 million. Cogentrix Energy, Inc. will continue to own the remaining 50 percent of the Birchwood power plant located near Fredricksburg, Va.Following the close of this transaction, Mirant will no longer post a $19 million letter of credit associated with its interest in the power plant. The non–recourse project debt associated with the plant will remain in place."Mirant continues to sell non–strategic assets...

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    • 242 mw

      facility supplying power to Virginia Electric Power Company

    • $71 million

      approximate gross sales price

    Close
    2006
    Lease
    Springerville Generating Station
    Coal
    418 MW
    Arizona, US

    Tri-State's new 418-MW unit at TEP's Springerville Generating Station begins producing commercial power

    SPRINGERVILLE, ARIZ., Jul 1, 2006 — A third unit at Springerville Generating Station (SGS) began commercial operation July 28, expanding the resources available to meet rising power demands across the West. The project was developed by Tri–State Generation and Transmission Association in conjunction with Tucson Electric Power (TEP), the owner and operator of SGS Units 1 and 2.Although finishing work and testing will continue on the generator, the unit's 418 megawatts of power has been certified for commercial use in a region where searing summer heat has produced new records in energy usage.J.M. Shafer, Tri–State Executive Vice President and General Manager, said, "The demand for electricity continues to grow throughout our membership and our investment in this new resource helps strengthen our...

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    Tri-State's new 418-MW unit at TEP's Springerville Generating Station begins producing commercial power

    • $179 million

      lease equity

    • 418 megawatt

      Springerville Generating Station

    Close
    2004
    Equity
    Oyster Creek
    Gas
    424 MW
    Texas, US

    Dynegy Provides Update on Sale of Interests in Non-Core Generation Assets

    FREEPORT, TEXAS, Mar 31, 2004 — Dynegy Inc. (NYSE: DYN) today provided an update on its previously announced agreements to sell its 50 percent interests in the 424–megawatt Oyster Creek natural gas–fired qualifying facility (QF) located in Freeport, Texas and the 123–megawatt Michigan Power natural gas–fired QF located near Ludington, Mich. The buyer of Dynegy's Oyster Creek interest will be an affiliate of GE Commercial Finance's Energy Financial Services unit. The two transactions, which are expected to close early in the second quarter of 2004, are subject to the receipt of required lender and counterparty consents. The total proceeds generated by the two sales are anticipated to be approximately $103 million, which will result in a net, pre–tax gain of approximately $15...

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    • 0.5

      interest

    • 424 megawatt

      natural gas–fired qualifying facility

    Close
    2006
    Lease
    Fox Energy Center
    Gas
    560 MW
    Wisconsin, US

    Calpine Sells Its Entire Leasehold Interest in the Fox Energy Center to GE Energy Financial Services

    KAUKAUNA, WIS., Oct 11, 2006 — Calpine Corporation [OTC Pink Sheets: CPNLQ] announced today that one of its non–debtor subsidiaries has completed the sale of its entire leasehold interest in the 560–megawatt Fox Energy Center, located in Kaukauna, Wis., to affiliates of GE Energy Financial Services, the plant's owner/lessor. With this sale, Calpine continues to advance its Chapter 11 restructuring program to strengthen its business – financially and operationally – and to position the company for future growth.The Fox Energy Center is a natural gas–fired, combined–cycle facility that supplies electricity to Wisconsin Public Service Corporation under a ten–year power sales agreement. In consideration of the sale, Calpine receives a cash payment from GE Energy Financial...

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    Calpine Sells Its Entire Leasehold Interest in the Fox Energy Center to GE Energy Financial Services

    • 560 megawatt

      gas–fired facility

    • Utilizes GE's 7FB

      combustion turbines to maximize fuel efficiency

    Close
    2006
    Equity
    Linden Power Plant
    Gas
    900 MW
    New Jersey, US

    Statement Regarding the Linden Power Plant

    LINDEN, N.J., Feb 28, 2006 — GE Energy Financial Services has agreed to acquire the common equity of East Coast Power LLC, holder of the general partner interests in the more than 900–megawatt Linden power plant in New Jersey, from Goldman Sachs. The acquisition follows GE Energy Financial Services' strategy of growing by investing in energy infrastructure.Linden is among the biggest and most efficient power producers in the critical New York–New Jersey market, a plant Energy Financial Services knows well because GE Energy supplied the turbines for the plant and operates it. In addition, Energy Financial Services financed Linden's construction and has made partnership equity and debt investments in it. GE's proprietary power market models confirm the plant's long–term value and...

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    Statement Regarding the Linden Power Plant

    • 900 megawatt

      Linden power plant in New Jersey

    • one of the biggest

      and most efficient power producers in the NY and NJ markets

    Close
    2006
    Equity
    Russell City Energy Center
    Gas
    600 MW
    California, US

    Calpine Recieves Court Approval to Sell An Interest in Its Russell City Energy Center to GE Energy Financial Services

    SAN JOSE, CALIF., Sep 21, 2006 — The U.S. Bankruptcy Court for the Southern District of New York today approved the sale of a 35–percent equity interest in Calpine Corporation's [OTC Pink Sheets: CPNLQ] Russell City Energy Center to GE Energy Financial Services for approximately $44 million. Calpine will own the remaining 65–percent interest. GE Energy Financial Services' equity will be applied toward completion of development and construction of the power plant, and it also will provide related credit support for the project. The Russell City Energy Center is a proposed 600–megawatt, natural gas–fired power plant to be built in Hayward, Calif. that will help power the San Francisco Bay Area."With the growing demand for power in California, especially the Bay Area, the Russell City...

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    • 35%

      equity interest

    • $44 million

      equity investment

    Close
    2007
    Equity
    Shady Hills Power Plant
    Gas
    517 MW
    Florida, US

    GE Unit Agrees to Acquire Fully-Contracted, Contemporary Power Plant Serving the Growing Central Florida Market

    TAMPA, FLA., May 9, 2007 — GE Energy Financial Services agreed to purchase the 517–megawatt Shady Hills power plant, located approximately 30 miles north of Tampa, Florida from LS Power Equity Partners, a member of LS Power Group, the private power sector investor, developer and manager, the companies announced today. Financial details were not disclosed. The transaction is subject to regulatory approvals and customary closing conditions.Employing three GE Frame 7FA gas turbines, the Shady Hills plant began commercial operation as a peaker plant – generating power during periods of peak demand – in March 2002. The duel–fueled (natural gas and low sulfur fuel oil) simple–cycle power plant facility's entire output is contracted to a local utility through 2024. Operation...

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    GE Unit Agrees to Acquire Fully-Contracted, Contemporary Power Plant Serving the Growing Central Florida Market

    • 517 megawatt

      power plant

    • 3

      GE Frame 7FA gas turbines

    Close
    2010
    Lease
    King City Cogeneration Power Plant
    Gas
    120 MW
    California, US

    GE'S Energy Investing Unit Expands Power Portfolio, Buys Efficient Natural Gas-Fired California Power Plant, Leases It to Calpine

    KING CITY, CALIF., May 20, 2010 — GE Energy Financial Services –– a unit of GE (NYSE: GE) –– announced today it is expanding its 26–gigawatt power portfolio by buying the King City cogeneration power plant in California's Salinas Valley for $68 million. Calpine Corporation (NYSE: CPN), based in San Jose, has leased, operated and maintained the plant since 1996 and will continue to do so under GE's ownership. The King City plant, 75 miles southeast of Monterey, is an efficient 120–megawatt natural gas–fired cogeneration facility using a GE 7EA gas turbine that entered commercial operation in 1989. The plant sells its electricity to Pacific Gas & Electric Company under a contract until 2019, and supplies steam to a nearby vegetable processing facility. GE Energy...

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    GE'S Energy Investing Unit Expands Power Portfolio, Buys Efficient Natural Gas-Fired California Power Plant, Leases It to Calpine

    "Our acquisition of the King City Cogeneration Plant underscores our strategy of growing our power portfolio across a wide range of generation technologies and fuel sources, participating in the industry using a wide range of capital products and structures, and deepening our relationships with key customers and partners such as Calpine."
    — Alex Urquhart President and CEO of GE Energy Financial Services
    • 120 megawatt

      natural gas–fired cogeneration plant

    • $47 million

      loan since 2003

    Close
    2010
    Equity
    Nuevo Pemex Cogeneration Plant
    Gas
    300 MW
    Tabasco, Mexico

    Abengoa, GE to Invest US $180 Million for Mexico's Largest Cogeneration Power Plant, Helping Mexico Meet Energy Efficiency Goals

    TABASCO, MEXICO, Jun 21, 2010 — Subsidiaries of Spain–based Abengoa (MCE: ABG.MC) and GE Energy Financial Services, a unit of GE (NYSE: GE), announced today that they will invest US$180 million to develop the largest cogeneration power plant in Mexico.The 300–megawatt gas–fired facility with a total project cost of US$640 million will be located at the Nuevo Pemex gas processing complex, owned by Pemex Gas y Petroquímica Básica, a subsidiary of Mexican state oil company Pemex. Located near Villahermosa, Tabasco, the plant will supply Nuevo Pemex with power and steam under a 20–year services agreement. Powered by cleaner burning natural gas, the facility will help the Mexican government meet its commitment to reduce greenhouse gas emissions by 50 percent below 2002 levels by the...

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    Abengoa, GE to Invest US $180 Million for Mexico's Largest Cogeneration Power Plant, Helping Mexico Meet Energy Efficiency Goals

    • $72 million

      Equity Investment

    • 300 megawatt

      gas–fired facility

    Close
    2011
    Equity
    Monroe Peaking Power Plant
    Gas
    320 MW
    Georgia, US

    ArcLight Teams with GE and Singapore's GIC to Form Largest Fully Independent Power Producer in US Southeast

    MONROE, GA., Jan 24, 2011 — ArcLight Capital Partners, LLC ("ArcLight"), GE Energy Financial Services, a unit of GE (NYSE: GE), and the Government of Singapore Investment Corporation Pte Ltd ("GIC") announced today they have agreed to become partners in five Georgia natural gas–fired power plants that together make up the largest fully independent power producer in the southeastern United States. The GE unit and GIC will each acquire 24.95 percent of the portfolio from an affiliate of ArcLight, now its sole owner. An affiliate of ArcLight will retain 50.10 percent.Financial details of the transaction were not disclosed. The closing of the transaction remains subject to approval by the Federal Energy Regulatory Commission and Committee on Foreign Investment in the United States and is...

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    • 24.95 percent

      stake in five natural gas–fired power plants

    • Largest

      fully independent power producer

    Close
    2004
    Equity
    ACE Power Plant
    Coal
    102 MW
    California, US

    El Paso Corporation Closes Sale of Interest in ACE Power Plant

    TRONA, CALIF., Sep 20, 2004 — El Paso Corporation (NYSE:EP) announced today that it has closed the sale of an approximate 35–percent interest in the ACE power plant to an affiliate of GE Commercial Finance's Energy Financial Services (EFS), for $50.4 million and the sale of an approximate 13–percent interest in the plant to Northern Star Generation, LLC for approximately $19.5 million. The plant is a 102–megawatt coal–fired facility located in Trona, California.The ACE power plant was among the 25 domestic power plants that El Paso had agreed to sell to Northern Star Generation, LLC. An affiliate of EFS had a right of first refusal to purchase the 35–percent interest and exercised that option accordingly. Per its existing agreement, Northern Star purchased El Paso's remaining...

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    El Paso Corporation Closes Sale of Interest in ACE Power Plant

    • 102 megawatt

      coal–fired ACE Power Plant

    Close
    2005
    LP
    Crockett Cogeneration
    Gas
    240 MW
    California, US

    Energy Investors Funds Sells 24 Percent Stake in Crockett Cogeneration Project

    CROCKETT, CALIF., Oct 10, 2005 — Energy Investors Funds, an established private equity fund manager that invests in the energy and electric power sector, today announced that its Energy Investors Fund, L.P. and its Energy Investors Fund II, L.P. closed on the sale of their combined 24.3 percent limited partnership interests in Crockett Cogeneration (Crockett) to GE Energy Financial Services, which increased its ownership interest to approximately 53 percent. Other financial terms of the transaction were not disclosed.In operation since 1996, Crockett is a 240–megawatt natural gas fired cogeneration plant located in Crockett, California, outside San Francisco. The project has a long–term power purchase agreement with Pacific Gas and Electric Company and a thermal sales agreement with C&H Sugar Company, both...

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    Energy Investors Funds Sells 24 Percent Stake in Crockett Cogeneration Project

    • 240 megawatt

      Crockett gas–fired cogeneration plant

    • 53 percent

      Ownership Interest

    Close
    2005
    LP
    Crucero-El Abra Transmission Line
    T&D
    150 MW
    Santiago, Chile

    GE Energy Financial Services, Growing Internationally, Forms Power Transmission Line Partnership with Abengoa in Chile

    SANTIAGO, CHILE, Nov 29, 2005 — Growing in international markets with strong investment frameworks, GE Energy Financial Services announced today that it has formed a partnership with Abengoa –– the leading Spanish engineering, bioenergy, environmental services and IT group –– to own power transmission lines in Chile.GE Energy Financial Services will acquire an 80 percent equity interest in the partnership for $24.4 million. Abengoa will hold the remaining 20 percent. The partnership will own three 220kV transmission lines, built and previously owned by Abengoa, spanning 295 kilometers (183 miles) in Chile. Abengoa will continue as lead manager of the three transmission line companies: the Crucero–El Abra line, with a capacity of 150MW, feeding power from the main northern grid to...

    Read Full Press Release

    GE Energy Financial Services, Growing Internationally, Forms Power Transmission Line Partnership with Abengoa in Chile

    • 3

      Chilean power transmission lines

    • 0.8

      equity interest

    Close
    2006
    Equity
    Tynagh Power Plant
    Gas
    400 MW
    County Galway, Ireland

    Forty Percent Stake in Ireland's Newest, Highly Efficient Power Plant to Be Acquired by GE Energy Financial Services

    COUNTY GALWAY, IRELAND, May 18, 2006 — GE Energy Financial Services announced today that it has agreed to acquire a 40 percent interest in Ireland's newest and most efficient natural gas–fired power plant, subject to customary closing conditions.GE Energy Financial Services is acquiring the stake in the 400–megawatt Tynagh power plant in County Galway from GAMA Construction Ireland Ltd, part of GAMA Holding AS. GAMA retains a 40 percent interest in the plant, which commenced operations in March 2006. GAMA, working in a joint venture with General Electric International, began construction of the plant in March 2004. The construction period was one of the shortest to date worldwide for this highly efficient technology.{{quote}}Andrew Marsden, Managing Director of GE Energy Financial Services' European...

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    Forty Percent Stake in Ireland's Newest, Highly Efficient Power Plant to Be Acquired by GE Energy Financial Services

    "We are very pleased to be investing in Tynagh Energy. Tynagh is a first class project which benefits from state of the art equipment, a supportive contractual structure and experienced operators."
    — Alex Urquhart President and CEO of GE Energy Financial Services
    • 0.4

      Stake in GAMA Power Plant

    • 400 megawatt

      gas–fired power plant

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    2005
    Financing
    Lincoln Generating Facility
    Gas
    640 MW
    Manhattan, Illinois, US

    GE Commercial Finance's Energy Financial Services Unit Structures and Underwrites Financing of Power Plant Acquisition

    MANHATTAN, ILL., Mar 28, 2005 — GE Commercial Finance Energy Financal Services announced today that it had structured and underwrittern the financing of two private equity funds' acquistion of the Lincoln Generating Facility, a power plant in Illinois.ArcLight Energy Partners Fund II, L.P. and Tyr Capital, private equity investors, acquired the Lincoln Generating Facility from Allegheny Energy Supply. ArcLight Energy Partners Fund II, L.P. engaged Energy Financial Services to structure and underwrite $143.9 million in debt to partially fund the acquisition. The financing comprised $122 million in senior secured term loans and up to $21.9 million in letters of credit. Lincoln is a 640–megawatt gas–fired, peaking power plant in Manhattan, Ill. It sells its generation capacity, energy output, and...

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    • 640 mw

      gas–fired, peaking power plant

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    2005
    Financing
    Katahdin Power Holdings, L.L.C.
    T&D
    N/A
    Massachusetts, US

    Second Major Finaning for ArcLight Capital Partners Arranged by GE Energy Financial Services

    STAMFORD, CONN., Dec 28, 2005 — GE Energy Financial Services announced today that is has completed the financing and syndication, with its affiliate, GE Capital Markets, Inc., of a $72.8 million senior debt facility for a portfolio of eight power and transmission projects owned by ArcLight Capital Partners. This is the second major financing led by GE Energy Financial Services and GE Capital Markets for ArcLight.In this transaction, Energy Financial Services underwrote and structured the senior debt facility for Katahdin Power Holdings I, LLC and Katahdin Power Holdings II, LLC, subsidiaries of the funds that ArcLight manages. General Electric Capital Corporation is served as the Administrative Agent for the debt facility, while GE Capital Markets was the Sole Lead Arranger and Sole Bookrunner for the syndication,...

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    • Eight

      power and transmission projects

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    2010
    Financing
    Sandersville Power Plant
    Gas
    640 MW
    Georgia, US

    ArcLight Acquires 640-MW Georgia Power Plant with $98 Million in Financing Led by GE Energy Financial Services

    SANDERSVILLE, GA., Jul 12, 2010 — ArcLight Capital Partners, LLC, through its wholly–owned affiliate AL Sandersville Holdings, LLC, has acquired a 640–megawatt generation facility located in Sandersville, Georgia from KGen Power Corporation for $130 million. GE Energy Financial Services, a unit of GE (NYSE:GE), closed financing as the lead lender of the $98 million in senior secured credit facilities partially financing the acquisition.Built in 2002, using eight 80–megawatt GE simple–cycle gas turbines, the Sandersville plant supplies power into the southeastern power market, particularly Georgia, during periods of peak demand or supply volatility. Sandersville is strategically located near four other facilities in Georgia owned by ArcLight through its affiliate Mackinaw Power, LLC, which have...

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    • 640 mw

      Georgia power plant

    • Eight

      80–megawatt GE simple–cycle gas turbines

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    2011
    Financing
    Gila River Power Station
    Gas
    1072 MW
    Arizona, US

    $300 Million Loan for Arizona Gas-Fired Power Plant -- Owned by Entegra Power Group -- Provided by WestLB, GE, Union Bank, BNP Paribas, CIT

    GILA BEND, ARIZ., Aug 10, 2011 — Helping to meet long–term demand for electricity, five banks are providing $300 million in senior secured credit facilities for two operating power blocks at Entegra Power Group's natural gas–fired Gila River Power Station in Arizona. WestLB AG's New York branch, GE (NYSE: GE) and Union Bank acted as bookrunners, and together with BNP Paribas and CIT also served as joint lead arrangers. The credit facilities –– a six–year term loan and six–year revolver to be used for working capital and letters of credit – are for merchant power block 3 and contracted power block 4 of the Gila River Power Station, located in Gila Bend, 70 miles southwest of Phoenix. Each of the 536–megawatt power blocks, operating since 2003, uses two GE 7FA...

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    $300 Million Loan for Arizona Gas-Fired Power Plant -- Owned by Entegra Power Group -- Provided by WestLB, GE, Union Bank, BNP Paribas, CIT

    "In a market dominated by fully contracted new–build power plants, WestLB welcomed the chance to co–lead the Gila River financing with its significant merchant component. Not only are we willing to commit our own capital to such well–structured hybrid transactions, we continue to find that there is a strong core of lenders willing to provide liquidity to these transactions in broader syndications."
    — Martin Livingston Managing Director in WestLB's Global Energy Group in New York
    • $300 million

      Senior Secured Credit Facility

    • 536 mw Power Blocks

      Using two GE 7FA combined–cycle gas and GE steam turbines

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    2012
    Financing
    Crete Energy Venture Facility
    Gas
    328 MW
    Illinois, US

    GE Demonstrates Energy Market Expertise with $107 Million Refinancing of Two Midwest Peaker Power Plants

    CRETE, ILL., Aug 28, 2012 — Demonstrating its energy market expertise, GE unit (NYSE: GE) GE Energy Financial Services has served as lead arranger of an approximately $107 million senior secured credit facility for two Illinois gas–fired peaker plants, managed by Tenaska Capital Management, LLC (TCM), an affiliate of Tenaska, one of the largest U.S. independent power producers. The transaction will allow TCM to refinance debt facilities for the plants, which use 12 GE 7EA gas turbines and are located in Crete and Manhattan. GE Energy Financial Services' affiliate, GE Capital Markets, Inc., acted as sole lead arranger for the credit facilities—a four–year term loan and revolver—and was joined by Credit Agricole Corporate and Investment Bank, Helaba Landesbank...

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    "Our expertise in merchant power and ability to provide energy sponsors with substantial capital commitments sets us apart from our institutional competitors."
    — Matt O'Connor Managing Director at GE Energy Financial Services
    • $107 million

      Senior Secured Credit Facility

    • 12

      GE 7EA gas turbines

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