Supporting a power plant that uses GE technology to deliver reliable, lower-emission energy while expanding its generation portfolio, GE Energy Financial Services–through GE Capital Markets, Inc.–served as the lead arranger in a $97.4 million senior secured credit facility for Saguaro Power Company’s 105-megawatt combined cycle cogeneration project in Nevada.
“This cogeneration project illustrates GE’s unique ability to provide both energy capital and technology”
Affiliates of NRG Energy and a partnership between MSD Capital, L.P. and Paragon Energy Holdings each maintain 50 percent ownership in the plant, located in Henderson. In addition to GE Energy Financial Services, CIT Corporate Finance, Energy participated in the credit facility as a lender and Documentation Agent. Additional financial details of the transaction were not disclosed.
A key advantage of the plant is its close proximity, 16 miles, from a major power load pocket, the world-famous Las Vegas Strip. Saguaro’s location minimizes transmission costs and constraints while supporting the growth of Las Vegas and surrounding areas. The plant has been in commercial operation since 1991.
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Source: Business Wire