GE Energy Financial Services is recognized for its energy investment structuring expertise as well as its technical know-how. Awards that the GE business unit have received demonstrate its commitment to helping customers grow through new investments and strong partnerships.
Leading Financial Publication Recognizes GE Energy Financial Services: Non-Renewables Project Finance Deal-of-the Year & M&A Asset Deal-of-the-Year
Power Finance & Risk Honors GE Energy Financial Services in 11th Annual Deals & Firms Of The Year Awards
GE Energy Financial Services was honored with awards from Power Finance & Risk, a leading financial publication that focuses on the power industry, demonstrating the success of its recent investments.
The financing of CPV Woodbridge Energy Center in New Jersey, in September 2013, was named Non-Renewables Project Finance Deal of the Year. GE Energy Financial Services aided plant co-owners Competitive Power Ventures, ArcLight Capital Partners, and Toyota Tsusho, to finance the $842 million GE-powered construction project. Serving as the administrative agent, and — through GE Capital Markets, Inc. — as primary lead arranger and bookrunner, GE Energy Financial Services anchored $561 million in senior secured credit facilities from the GE unit and nine banks.
Meanwhile, GE Energy Financial Services' sale of part of its stake in the Linden Cogen plant was recognized as the M&A Asset Deal-of-the-Year. The Linden Cogeneration Plant is a 900-megawatt natural gas-fired combined cycle cogeneration facility located in Linden, New Jersey.
EFS' Co-Owned Desert Sunlight Wins Best Renewable Deal Award
The widely read trade publication "Power Intelligence" has just recognized GE Energy Financial Services' co-owned Desert Sunlight solar power project under construction in California as "Best Renewables Deal." "Power Intelligence," noted that financiers of the 550-megawatt photovoltaic project were "tapping multiple markets and investors to fund relatively new technology, all while weathering one of the more volatile periods of the euro-zone debt crisis." As one of the largest US renewables project finance deals of the year, the Desert Sunlight funding was the first utility-scale photovoltaic financing broadly syndicated to the bank and bond markets, and served as a catalyst to introduce First Solar's thin-film technology to mid-tier institutional investors.
2011 North American Sponsor of the Year
Project Finance Magazine was "impressed by EFS' [GE Energy Financial Services] substantial equity and debt activity across technologies and appetite for early-to late-stage project development. These factors and its receipt of the North American solar and single asset deals of the year for the Desert Sunlight and CPV Sentinel projects prompted [it] to select EFS as the 2011 North American sponsor of the year." Below is additional information about the winning transactions from Project Finance Magazine.
North American Single Asset Deal of the Year 2011: CPV Sentinel
The $795 million debt financing for the $900 million CPV Sentinel peaking power plant marked the moment when the US power market resembled – briefly – its late 1990s glory days. The deal won hold commitments of $200 million from its lead arrangers, and sold down to another 18 institutions.
North American Solar Deal of the Year 2011: Desert Sunlight
Just as the Department of Energy's financial institutions partnership program (FIPP) was winding down, project developer First Solar lined up EFS and NextEra Energy Resources to each buy half of the 550-MW project near Palm Springs, CA. The project also received a partial guarantee of $1.46 billion in loans provided by a syndicate of private institutional investors and commercial banks headed by lead lenders Goldman Sachs Lending Partners LLC and Citigroup. The financing drew heavily on the precedent of the 845-MW Caithness Shepherds Flat wind financing, a $1.4 billion FIPP deal that closed in December 2010.
The Project Finance Awards–the first in the industry–recognize innovation, deal repeatability, best practice, problem solving, risk mitigation, value for money and speed of delivery in the financing of infrastructure projects, large or small. Visit projectfinancemagazine.com/Deals.html for more information.
Value Add Award: Shepherds Flat
"...it was GE's stellar work in developing the Shepherds Flat wind farm at the height of a world economic crisis that won the company the award. GE EFS [GE Energy Financial Services] continued its established role of providing efficient equity solutions to sponsors like Caithness Energy on renewable power projects. GE EFS has been a consistently strong partner adding value for developers in the US market, helping them make the most of government incentives such as production tax credits and grants." – Fiona Sinclair Scott, "IJ Awards: Value Add 2010," Infrastructure Journal, April 1, 2011.
For additional information about the Shepherds Flat deal, view the deal announcement.
Photo of the construction of the wind farm can also be viewed in our Media Room.