Tenaska Amends Financing for Natural Gas-fueled Power Plant in Pennsylvania

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Sep 03, 2019, 13:10 ET

OMAHA, Neb., Sept. 3, 2019 /PRNewswire/ -- 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.

About Tenaska Pennsylvania Partners, LLC
Tenaska, an energy company based in Omaha, Nebraska, formed Tenaska Pennsylvania Partners, LLC (TPP) to build, own and operate the Tenaska Westmoreland Generating Station. Today, TPP is comprised of affiliates of Tenaska, Diamond Generating Corporation and J-POWER USA Investment, Co., Ltd. An affiliate of Tenaska serves as the managing partner.

About Tenaska
Tenaska, based in Omaha, Nebraska, is one of the leading independent energy companies in the United States. Forbes magazine consistently ranks Tenaska among the 50 largest private U.S. companies. Gross operating revenues were approximately $12 billion in 2018.

Tenaska has developed more than 10,000 megawatts (MW) of natural gas-fueled and renewable power projects. Tenaska and its affiliates have managed the acquisition of approximately 10,750 MW of energy assets. The current Tenaska operating fleet includes 11 natural gas-fueled and renewable power plants able to generate approximately 8,000 MW combined.

Tenaska affiliates are industry leaders in natural gas and electric power marketing. Tenaska Marketing Ventures (TMV) is among the top five largest natural gas marketers in North America and is the top-ranked natural gas pipeline capacity trader. During 2018, TMV sold or managed 10.6 billion cubic feet (Bcf) of natural gas per day. Tenaska Power Services Co. is the leading provider of energy management services to generation and demand-side customers in the U.S., with more third party-owned generation under management than any other provider.

For more information, visit www.tenaska.com or follow the company on LinkedIn and Facebook.

About Diamond Generating Corporation
Diamond Generating Corporation (DGC) is a wholly owned subsidiary of Mitsubishi Corporation, global integrated business enterprise that develops and operates businesses together with its offices and subsidiaries in approximately 90 countries and regions worldwide. DGC is a developer, owner and operator of privately owned power generating assets in the United States and Mexico. It currently has ownership interest in 10 operating power generating facilities in the U.S and 3 facilities in Mexico, having total output capacity of approximately 7,750 MW, with net equity of 3,400MW. For more information, visit www.dgc-us.com.

About J-POWER USA
J-POWER USA Investment Co., Ltd. is a subsidiary of Electric Power Development Co., Ltd. with headquarters located in Tokyo, Japan. J-POWER USA, is headquartered in the greater Chicago area and has a long-term strategy to acquire, develop, finance and operate power generation facilities in North America through its team of power professionals with a proven track record of successfully developing and acquiring power projects in the IPP sector. J-POWER USA has ownership interest in 11 operating facilities and one facility under construction with 6,500 MW of power generation capacity and participates in several of the most competitive power markets in the country. More information about J-POWER USA can be found at jpowerusa.com.

SOURCE Tenaska