GE unit gives 73mn for peaking plants

GE Energy Financial Services, a unit of GE (NYSE: GE), is providing $73 million for three merchant generating facilities totaling 1,065 MW of gas-fired peaking generation owned by a unit of LS Power in Illinois and Connecticut.

GEFS, serving as administrative and collateral agent, is providing a senior secured credit facility that includes a term loan and revolving credit facility for the three gas-fired plants, which operate as peakers and are grouped as LSP Park Generating LLC. Two of the plants, the 540 MW University Park North Power Plant and the 300 MW University Park South Power Plant, are in University Park, Ill. The third peaker, the 225 MW Wallingford Power Plant, is in Wallingford, Conn. LS Power is using the credit facilities to recapitalize the three plants.

In April, GE Energy Financial Services served as lender and administrative agent for a $125 million senior secured credit facility that included a term loan and revolving credit facility for LS Power. LS Power is using those proceeds to recapitalize Port River Funding LLC, which includes two gas-fired peaker plants: the 740 MW Renaissance Facility in Carson City, Mich. and the 925 MW Riverside Facility in Zelda, Ky. GE Energy Financial Services served as co-lead arranger for Port River Funding in 2009.

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