CHICAGO – September 14, 2007 -- Invenergy Development Company LLC (“Invenergy”)announced the successful closing and syndication of project financing for its St. Clair,Ontario electricity generation project. The C$479 million financing was conductedwithout an underwriting; rather, Invenergy assembled a group of financial institutions toparticipate in the financing, all of which provided their funding at the financial close.The lenders are Allied Irish Bank, Bayern LB, GE, Helaba, Lloyds TSB, Mizuho,Natixis, Nord LB, Royal Bank of Canada, Royal Bank of Scotland, Sumitomo MitsuiBanking Corp. and Union Bank of California.
Royal Bank of Canada acted as financial advisor and will be the administrative agent forthe loan facilities. Helaba and Natixis were named co-documentation agents, and BayernLB and GE were named co-syndication agents. James Murphy, Invenergy’s ChiefFinancial Officer, stated “We are very pleased to complete this unique financing. Inspite of difficult market conditions, we were able to successfully oversubscribe thisfacility and complete the transaction with competitive terms. Our self-syndicationresulted in significant savings for the Project.”
The St. Clair Project is a 584 MW combined cycle natural gas-fired power plant locatedin St. Clair - near Sarnia, Ontario. The project has a 20-year Clean Energy SupplyContract with the Ontario Power Authority. The Project’s development was initiated byInvenergy in response to the Ontario Minister of Energy’s 2004 request for 2,500 MW ofnew, clean electricity generating capacity in Ontario.
About Invenergy Development Company LLC
Invenergy Development Company is a joint venture between Invenergy Thermal LLCand Stark Investments. Invenergy Thermal LLC, and its affiliate, Invenergy Wind LLC,develop, own and operate large-scale electricity generation assets and have a portfolio ofnatural gas-fired and wind energy electricity generation projects in various stages ofoperation, construction and development in the US, Canada and Europe. Invenergy hassignificant expertise in the development, financing, construction, operations and long-term management of power generation projects serving a wide range of clients includingutilities, load serving entities and industrials. Stark is a global alternative investment firmproviding multi-asset investment capabilities to investors worldwide through a diversearray of fundamental and quantitative strategies.
Contact: James Murphy 312.224.1400