The company participated through GE Capital Markets, and was joined by CIT Corporate Finance, Energy in the credit facility as a lender and documentation agent.
The financing provides liquidity for working capital and general corporate purposes, according to the company, which did not disclosed additional financial details of the transaction.
Paragon Energy Holdings managing director Brian Redmond said, ”The additional financing will provide us with the financial flexibility to continue operating a gas-fired co-generation plant that is integral to the operations of our steam customers and delivers electricity at a key location in NV Energy’s power grid.”
GE Energy Financial Services managing director and Debt Origination leader Carl Peterson said, ”This cogeneration project illustrates GE’s unique ability to provide both energy capital and technology.”
Apart from latest financing, GE has also provided two robust, durable Frame 6B gas turbines, and one GE SAXC steam turbine to Saguaro.
Owned by NRG Energy affiliates and a partnership between MSD Capital. and Paragon Energy, the Saguaro Power Company’s plant uses heat recovery steam generators to economically produce process-critical steam to adjacent chemical manufacturing and food processing plants.
The plant maintains a power purchase agreement to supply 90MW of energy to Nevada Power, a subsidiary of NV Energy, through April 2022.
Separate contracts with performance period through April 2022 are also underway for the steam generated at the plant.
