New Projects

GEFS secures $107mn financing for gas-fired peaking power plants

GE Energy Financial Services, a unit of GE (NYSE: GE), served as the lead arranger of a $107 million senior secured credit facility for two gas-fired peaking plants in Illinois. The plants will be managed by Tenaska Capital Management LLC, an affiliate of Tenaska.

The financing will allow TCM to refinance debt facilities for the plants, which will use 12 GE 7EA gas turbines.

GE Energy Financial Services’ affiliate, GE Capital Markets Inc., acted as sole lead arranger for the four-year term loan and four-year revolver, and was joined by Credit Agricole Corporate and Investment Bank, Helaba Landesbank Hessen-Thuringen and Union Bank N.A. Additional financial details were not disclosed.

The 656 MW Lincoln Generating Facility and 328 MW Crete Energy Venture Facility are owned by a private equity investment vehicle managed by TCM. Lincoln and Cretebegan commercial operations in June 2000 and May 2002, respectively. The facilities provide capacity to meet peak electricity demand in the PJM ComEd service territory.

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