The company will continue to manage and operate the plant, which provides low emission electrical generating capacity under long-term power purchase agreements with Southern California Edison through 2038.
The financing included $175m of Series A and Series B Lessor Notes due 2033 issued in a private placement, as well as ancillary credit facilities of $11m.
Proceeds from the financing were used to acquire the outstanding minority interest in Dixie Valley to repay existing Dixie debt, to pay down a portion of Terra-Gen corporate level debt and for general corporate purposes.
With more than 830MW of generating capacity in operation and 720MW under construction, Terra-Gen provides electricity on a utility scale from three major renewable energy sources: wind, solar and geothermal power.
