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Dec 29, 2016
Dec 29, 2016

news & press releases

Invenergy and First Reserve Complete Financing for the Lackawanna Energy Center

CHICAGO (Dec. 29, 2016) – Invenergy today announced that it completed project financing for the Lackawanna Energy Center (LEC), which is currently under construction in Jessup, Pennsylvania. The LEC is a 1,485 MW natural gas fired combined cycle power plant expected to begin commercial operations in mid-2018.
First Reserve, a leading private equity and infrastructure investment firm exclusively focused on energy, is a co-owner of the LEC with Invenergy. Approximately USD 1 billion of senior debt financing facilities was arranged for the projects. BNP Paribas, GE Energy Financial Services and MUFG acted as Initial Coordinating Lead Arrangers and Prudential Investment Management Services LLC acted as Institutional Placement Advisor for the Senior Secured Credit and Note Facilities. The credit facilities will provide for construction, term and working capital financing for the project.
Commonwealth Bank of Australia, ING Capital LLC and Hana Financial Investment Co. acted as Coordinating Lead Arrangers.
The LEC is expected to be one of the most efficient and lowest emission natural gas power plants in the United States. Equipped with GE’s latest H-class gas turbine technology, the LEC will feature the highest - efficiency combustion turbines in their class. As a combined-cycle facility, the LEC will also utilize the exhaust heat from the gas turbines, increasing efficiency. The facility will be compact and environmentally-friendly, and far more advanced than earlier generations of natural gas plants.
“We’re pleased to announce the completion of financing of the Lackawanna Energy Center,” said Jim Murphy, Chief Financial Officer and Operating Business Group President at Invenergy. “This facility has significant advantages over other facilities in development in the PJM interconnect, due to its state of the art GE equipment selection, its unique locational benefits, and its contracting arrangements for the gas supply and capacity and energy sales.”
Mark Florian, Head of Infrastructure Funds for First Reserve, added, “First Reserve has a long history of teaming with strong partners to invest in critical infrastructure assets around the world. We are excited to partner with Invenergy on the Lackawanna Energy Center to continue to drive results on behalf of our investors.”
The Lackawanna Energy Center is being constructed by Kiewit Corporation. Once operational, Lackawanna Energy Center will be operated and managed by Invenergy and will employ 30 full-time employees on-site. Over the lifespan of the project, LEC will bring tens of millions of dollars in economic benefits to the local community.
About InvenergyInvenergy drives innovation in energy. Invenergy and its affiliated companies develop, own, and operate large-scale renewable and other clean energy generation and storage facilities in the Americas, and Europe. Invenergy's home office is located in Chicago and it has regional development offices in the United States, Canada, Mexico, Japan and Europe.
Invenergy and its affiliated companies have developed more than 13,000 MW of projects that are in operation, construction or advanced development, including wind, solar, natural gas-fueled power generation and energy storage projects. For more information, please visit www.invenergyllc.com.
About First ReserveFirst Reserve is a leading global private equity and infrastructure investment firm exclusively focused on energy. With over 30 years of industry insight, investment expertise and operational excellence, the Firm has cultivated an enduring network of global relationships and raised approximately USD $31 billion of aggregate capital since inception. First Reserve has completed approximately 600 transactions (including platform investments and add-on acquisitions), creating several notable energy companies throughout the Firm’s history. Its portfolio companies operate on six continents, spanning the energy spectrum from upstream oil and gas to midstream and downstream, including resources, equipment and services and infrastructure. Visit www.firstreserve.com for more information.
Invenergy Contact: Mary Ryan, Senior Manager, Public Affairs312-582-1424 or mryan@invenergyllc.com
First Reserve Contact: Jonathan Keehner / Julie OakesJoele Frank, Wilkinson Brimmer Katcherjoakes@joelefrank.com or (212) 355-4449

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