Financial close for Lackawanna Energy Center in Pennsylvania
Clean energy company Invenergy LLC has achieved financial close for Lackawanna Energy Center (LEC) in Pennsylvania with approximately US$1 billion in total loan amount for the development and construction of the center.
The Lackawanna Energy Center in Jessup, Pennsylvania, USA, will be one of the most efficient power plants in the United States. LEC will develop 1,500 MW with it's highest-efficiency combustion turbines in their class.
As a combined-cycle facility, it will maximize usage of the heat from natural gas as fuel, increasing efficiency. The facility will be compact and environmentally-friendly and far more advanced than earlier generations of natural gas plants.
Milbank, Tweed, Hadley & McCloy LLP has advised major international lenders, comprising commercial banks, institutional lenders and Korean funds, on providing the total loan amount, in partnership with First Reserve.
Commercial lenders include: MUFG Union Bank, NA, GE Capital Financing, Inc., BNP Paribas, Commonwealth Bank of Australia, ING Capital, Société Générale, SMBC, and Wells Fargo. The fixed rate noteholders include: Prudential, Sun Life, Voya, CDPQ, CUNA. Korean investor Hana Financial Investment Co, Ltd. also participated.
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