Ares closes refinancing of Panda Power’s 778 MW Stonewall combined-cycle power plant

Ares Management Corp has closed the refinancing of Panda Power’s 778 MW combined-cycle, gas-fired Stonewall project in Virginia, USA.

Panda Power has earlier lined up lenders to refinance a US$490 million loan that is aimed to be closed just before its current obligation comes due. The refinancing is part of a broader restructuring process that will hand ownership of the 778 megawatt gas-fired plant to Ares Management from private equity firm Panda Power Funds. As part of the refinancing deal, Ares is planning to provide US$50 million to US$60 million of equity.