Natural gas-fired power plant secures $300mn funding

Five banks are providing $300 million in senior secured credit facilities for two 536 MW operating power blocks at Entegra Power Group's natural gas-fired Gila River Power Station in Arizona.

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. Each of the 536 MW power blocks, operating since 2003, uses two GE 7FA combined-cycle gas and GE steam turbines.

Gila River serves the Arizona, New Mexico, southern Nevada and southern California markets. The credit facilities support Gila River Power LLC, a unit of Entegra. Entegra is using the credit facilities' proceeds to repay debt and address general corporate purposes.

WestLB AG's New York branch, GE (NYSE: GE) and Union Bank acted as bookrunners. Together with BNP Paribas and CIT they also served as joint lead arrangers. Union Bank also serves as the administrative agent for the deal.

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