Tenaska Pennsylvania Partners, LLC, closed on the retail syndication of its recently amended commercial financing on its 940-megawatt (MW) Tenaska Westmoreland Generating Station.
The amendment reduced the total amount of the facilities from $780 million to $760 million, while extending the maturity by two years.
“This transaction speaks to the unique strength of the project and the strong, long-standing relationships Tenaska and its partners have with financial institutions,” said Dave Kirkwood, Tenaska’s senior vice president of finance. “Through the syndication, we were able to facilitate new lending relationships that can help support future Tenaska opportunities.”
The plant, located near Smithton in South Huntingdon Township, Westmoreland County, began commercial operation in December 2018. It can generate enough power for about 940,000 homes in the PJM Interconnection market, which coordinates the delivery of reliable power in all or parts of 13 eastern states, including Pennsylvania, and the District of Columbia.
Tenaska Westmoreland is owned by Tenaska Pennsylvania Partners, LLC, which is comprised of affiliates of Tenaska, Diamond Generating Corporation (DGC) and J-POWER USA Investment Co., Ltd.
BNP Paribas acted as the syndication agent and also, along with Industrial and Commercial Bank of China, Limited, KEB Hana Bank and MUFG Union Bank, N.A., led the bank group for the amendment.
