MetLife provided the equity financing for the leveraged lease transaction.
NEW YORK, PRNewswire/
Terra-Gen Power, LLC (“Terra-Gen”) announced today that it has closed a $286 million financing for its 67 megawatts (MW) nameplate-rated Dixie Valley geothermal plant in Churchill County, Nevada (“Dixie Valley”). The $286 million financing included $175 million of Series A and Series B Lessor Notes due 2033 issued in a private placement, as well as ancillary credit facilities of $11 million. MetLife provided the equity financing for the leveraged lease transaction.
BNP Paribas Securities Corp. and Barclays Capital, Inc. acted as joint lead placement agents for the issuance of the Lessor Notes, with BNP acting as Lead Arranger, Syndication Agent, and Administrative Agent for the bank facility. The Lessor Notes were purchased by Prudential Capital Group, John Hancock Financial Services and MetLife.
Proceeds from the financing were used to acquire the outstanding minority interest in Dixie Valley to repay existing Dixie debt, to pay down a portion of Terra-Gen corporate level debt and for general corporate purposes. Terra-Gen will continue to manage and operate Dixie Valley.
The Dixie Valley plant provides low emission electrical generating capacity under long-term power purchase agreements with Southern California Edison through 2038. The plant delivers enough clean, renewable energy to supply approximately sixty thousand homes. “We are delighted to close this financing to bring the remaining ownership of Dixie Valley into the Terra-Gen family,” said Jim Pagano, CEO of Terra-Gen.
Terra-Gen is an affiliate of ArcLight Capital Partners and Global Infrastructure Partners. With more than 830 megawatts of generating capacity in operation and 720 megawatts under construction, Terra-Gen Power is one of the nation’s leading renewable energy providers and is the only American company that provides electricity on a utility scale from all three major renewable energy sources: wind, solar and geothermal power. Terra-Gen currently has 21 renewable energy projects in operation in six states, and more than 5,000 megawatts of renewable energy capacity under development.
ABOUT ARCLIGHT CAPITAL PARTNERS:
ArcLight is one of the world’s leading energy investment firms with more than $6.8 billion under management. ArcLight’s investment team has extensive energy investing experience, industry relationships, and asset level knowledge. ArcLight is one of the most experienced renewable power investors having made its initial investment in Terra-Gen Power’s predecessor company in 2002. ArcLight is headquartered in Boston, Massachusetts with offices in New York City, London and Luxembourg. More information about ArcLight can be found at http://www.arclightcapital.com.
ABOUT GLOBAL INFRASTRUCTURE PARTNERS:
GIP is an independent infrastructure fund that invests worldwide in infrastructure assets and businesses in both OECD and selected emerging market countries. GIP has offices in New York and London with an affiliate in Sydney and portfolio business operations headquarters in Stamford, Connecticut. For more information, visit www.global-infra.com.
SOURCE Terra-Gen Power, LLC