Saguaro Power has secured a $97.4m senior secured credit facility for its 105MW combined cycle cogeneration project in Henderson, Nevada. The credit facility will serve working capital and general corporate needs.
GE Energy Financial Services, through GE Capital Markets, has acted as the lead arranger in the credit facility, while CIT Corporate Finance, Energy served as a lender and documentation agent. Further financial details were not disclosed.
The cogeneration project featuring GE technology is owned by affiliates of NRG Energy (50%) and a partnership between MSD Capital and Paragon Energy Holdings (50%).
Earlier, GE supplied two durable Frame 6B gas turbines, and a GE SAXC steam turbine, which provides high reliability and sustained high efficiency to the project, which started commercial operations in 1991.
The project is equipped with heat recovery steam generators that will enable it to economically produce process-critical steam to adjacent chemical manufacturing and food processing plants.
The project has been supplying 90MW of the total output to Nevada Power, a subsidiary of NV Energy, under a power purchase agreement, while separate contracts are in place for the steam generated at the plant. Both contracts run through April 2022.
GE Energy Financial Services managing director and debt origination leader Carl Peterson said "The cogeneration project illustrates GE's ability to provide both energy capital and technology.
"Our growth in power plant debt has also recently included loans for the 700MW CPV Woodbridge Energy Center and 584MW Nelson Energy Center."
Image: The Saguro Power Plant is located in Nevada, US. Photo: courtesy of General Electric.