Clean Energy Futurehas secured financing for the 940-MW LordstownEnergy Center in Ohio. A consortium of banks led by Industrial &Commercial Bank of China, Credit Agricole, Bank of America Merrill Lynch and Investecwill provide a $445 million term debt to fund construction.
Also, Macquarie Infrastructure Partners III, along with have entered an agreement to construct the natural gas-fired facility, with workto begin immediately and commercial operations expected in summer 2018.
MIP III will provide 73% of the equity investment and SiemensFinancial Services will provide the remaining 27%. Clean Energy Future will retainan interest in the project.
Siemens will also act as the Engineering Procurement Constructioncontractor of the project.
The output of the facility will be delivered into the market topartially replace over18 GW of coal-fired generating capacity that has been retired since 2012.
Whitehall Capital Markets LLC served as equity placement agentand financial adviser for the debt raise. Barclays is Macquarie Infrastructure & Real Assets Inc.'s financialadvisor for this transaction while Chadbourne & Parke LLP represented MacquarieInfrastructure Partners III on the acquisition and financing of the project.