Citigroup refinancing ArcLight’s geothermal debt
Alexander Richter
15 Jul 2009
Citigroup is close to closing the refinancing of the holding company debt for ArcLight's Terra-Gen renewables subsidiary.
Reported by Project Finance, “Citigroup is close to closing the refinancing of the holding company debt for ArcLight’s Terra-Gen renewables subsidiary.”
According to the article “The refinancing replaces the bridge loan that ArcLight used to buy the assets from Caithness Energy and funds development activity.”
The refinancing will happen in a Citigroup-led US$675 million bond financing, maturing in 2026, according to ProjectFinance.
ArcLight Capital Partners acquired a number of renewable assets from Caithness Energy in August 2007 through Terra-Gen Power, LLC. The geothermal assets acquired were Coso (240 MW), Dixie Valley (66 MW) and Beowave (18 MW). (2007 company release)
Glitnir Bank was one of the banks involved in this 2007 transaction.
Source: Project Finance Magazine
