The loan facility is jointly arranged by MUFG Power & Utilities, ING Capital, Lloyds Bank Corporate Markets; BMO Capital Markets and CoBank, ACB which is a non-recourse to Calpine and GE Energy Financial Services.
The project is expected to begin commercial operation in mid-2013.
This will be the nation’s first power plant to receive a federal air permit that includes a voluntary limit on greenhouse gas emissions.
Calpine president and CEO Jack Fusco said that this financing is important for the construction of a modern, flexible, highly efficient, clean and low-carbon energy resource, to bring much-needed electric power supply to California’s bay area.
On completion, Pacific Gas and Electric has agreed to purchase the full output of electricity from RCEC and will supply natural gas fuel to the plant under a ten-year power purchase agreement approved by the California Public Utilities Commission in September 2010.
Calpine affiliate owns 75% of Russell City while GE Energy Financial Services affiliate owns the rest of it.
