LuminantGeneration Co. LLC on April 4 announced that it has closed thepurchase of the 2,988-MW combined-cycle, natural gas-fired La Fronteraportfolio in Texas from NextEra EnergyResources LLC, according to a Form 8-K filed April 4. The deal wasfirst announced inNovember 2015.
Following the approval of the Public Utility Commission ofTexas, Luminant acquired the 1,912-MW Forney facility in Kaufman County and the 1,076-MWLamar Powerfacility in Lamar County. Forney came online in 2003, while Lamar beganoperation in 2000.
The deal value totaled $1.31 billion, including therepayment of about $950 million of existing project financing debt of LaFrontera and its subsidiaries, roughly $214 million for cash and approximately$26 million for net working capital.
On April 4, TexasCompetitive Electric Holdings Co. LLC borrowed $1.1 billion ofrevolving credit loans under a senior secured, superprioritydebtor-in-possession credit agreement to partially fund the acquisition deal.Citibank NA served as administrative and collateral agent for the transaction.
Luminant and Texas Competitive Electric Holdings aresubsidiaries of Energy FutureHoldings Corp. NextEra Energy Resources is a subsidiary ofNextEra Energy Inc.