Entegra Power has won $300m in senior secured credit facilities from five banks for two operating power blocks at its Gila River natural gas-fired power station in Arizona, US.
These credit facilities, which are for the power station's merchant power block 3 and contracted power block 4, include a six-year term loan and six-year revolver to be used for working capital and letters of credit.
Each of the power blocks uses two GE 7FA combined-cycle gas and steam turbines, and has a generating capacity of 536MW.
The proceeds of the credit facilities will be used by Entegra to repay debt and address general corporate purposes.
WestLB's New York branch, GE and Union Bank acted as bookrunners, and BNP Paribas and CIT also served as joint lead arrangers.
Entegra president and CEO Mike Schuyler said this financing is an important component of the company's value optimization program.
Located in Gila Bend, the Gila River power station serves the Arizona, New Mexico, southern Nevada and southern California markets.