Calpine has secured a $373m credit facility to finance the 120MW upgrade works of its Los Esteros critical energy facility in California, US.

The facility will be upgraded from a simple-cycle to combined-cycle natural gas-fired technology plant, in a bid to enhance its efficiency.

The loan facility was jointly arranged by Credit Agricole CIB, Banco Bilbao Vizcaya Argentaria, Bayerische Landesbank and West LB.

In addition, Calpine’s board of directors have authorised a repurchase of about $300m shares of its common stock.