Channelview Cogeneration closes $175MM senior secured credit facility

Source: Global Infrastructure Partners

GIM Channelview Cogeneration, LLC and GIM Retail Energy, LLC (Channelview Cogeneration) announced that they have closed a $175 million senior secured credit facility for the Channelview Cogeneration facility with BNP Paribas, Credit Agricole Corporate and Investment Bank, the GE Energy Financial Services’ affiliate GE Capital Markets, Inc., and Union Bank, N.A. serving as Joint Lead Arrangers. Union Bank, N.A. served as Structuring Agent and will serve as Administrative Agent. GE Capital Markets, Inc. served as Syndication Agent. BNP Paribas and Credit Agricole Corporate and Investment Bank will serve as Co-Documentation Agents. 

Channelview is a nominal 830-megawatt, natural gas-fired cogeneration facility located in the greater Houston, Texas area. The plant has been fully operational since 2002 and sells steam and a portion of its electric output under various long-term contracts. Channelview is one of the cleanest and most efficient steam and electric power producers in Texas. Global Infrastructure Partners is the majority shareholder in Channelview which was acquired in July, 2008 in an equity partnership with FORTISTAR.

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