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SAN JOSE, Calif., Dec. 22, 2004 (PRNewswire-FirstCall) -- Calpine Corporation announced that its indirect subsidiary Compania de Generacion Valladolid, S. de R.L. de C.V. (CGV) completed a $195 million, non-recourse project financing for the Valladolid III Energy Center in Valladolid, Mexico. The financing facility will fund the construction of the 525-megawatt generation project that Calpine is developing with partners Mitsui & Co., Ltd. and Chubu Electric Power Co., Inc.
Financing is being provided by the Japan Bank for International Cooperation (JBIC) and three commercial banks from their Tokyo-based offices. The banks include Mizuho Corporate Bank, Ltd., Sumitomo Mitsui Banking Corporation and Standard Chartered Bank. Mizuho also acted as Lead Arranger for the transaction. The long-term financing facility will mature in October 2020. Pricing under the facility will be fixed for 60 percent of the principal and floating for the remaining 40 percent based on LIBOR plus a margin.
Calpine has supplied two General Electric F-class combustion gas turbines in exchange for a 45-percent interest in CGV. Valladolid III is expected to begin operations in mid-2006 and sell its full output to the Comision Federal de Electricidad (CFE) under a 25-year power purchase agreement.
"With its long-term power sales contract already in place, we are proud of achieving another milestone for our Valladolid project in Mexico," said Calpine Chief Financial Officer Bob Kelly. "We appreciate the support of JBIC and the commercial banks in completing this landmark financing for Calpine and we look forward to working with them on future transactions."
About Mitsui & Co., Ltd.
Mitsui & Co., Ltd., headquartered in Tokyo, Japan, is one of the largest general trading companies in the world. Chubu Electric Power, located in Nagoya, Japan, is the third-largest electric utility in Japan with a generating capacity of nearly 33,000 megawatts. CFE, based in Mexico City, provides electric power service to most of Mexico.
About Calpine Corporation [ www.calpine.com ]
Calpine Corporation is a North American power company dedicated to providing electric power to wholesale and industrial customers from clean, efficient, natural gas-fired and geothermal power facilities. The company generates power at plants it owns or leases in 21 states in the United States, three provinces in Canada and in the United Kingdom. The company was founded in 1984 and is publicly traded on the New York Stock Exchange under the symbol CPN.
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