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Invenergy, First Reserve secure $1B in debt financing for Pennsylvania plant

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Invenergy, First Reserve secure $1B in debt financing for Pennsylvania plant

Invenergy LLC and First Reserve Management LP on Dec. 29 announced the completion of about $1 billion in senior debt financing for the planned 1,485-MW Lackawanna Energy Center in Pennsylvania.

BNP Paribas, GE Energy Financial Services and MUFG acted as initial coordinating lead arrangers, while Prudential Investment Management Services LLC served as institutional placement advisor for the senior secured credit and note facilities.

The proposed combined-cycle natural gas-fired power plant, under construction in Jessup, Pa., is slated to reach commercial operation in mid-2018. Cabot Oil & Gas Corp. will exclusively supply natural gas to the project under a 10-year sales agreement.