CPV Advises Liberty Electric Power, LLC in Refinancing

    SILVER SPRING, Md., Nov 7 /PRNewswire/ -- Competitive Power Ventures
 (CPV) acted as financial advisor for the $325M term and $35M revolver first
 lien plus $100M term mezzanine financing of the 568 MW Liberty Project
 which is located in PJM East near Philadelphia. This ground breaking
 $750/kw term debt level ($575/kw first lien) is supported by the strong
 asset performance and market fundamentals of the Liberty project. The
 pricing of the facilities is L+300 and L+900 for the first lien and
 mezzanine, respectively. The term of the facilities is 7 years for the
 first lien and ten years for the mezzanine. The first lien debt is rated
 Ba3 by Moody's Investors Service. The financing also included a 3.5 year
 financial (heat rate call option) hedge for plant energy output put in
 place by CPV energy management professionals.
 
     Established in 1999, Competitive Power Ventures is a North American
 power industry development and asset management company. The company's
 development professionals have played critical roles in the successful
 development of more than 30 power plants, representing over 15,000
 megawatts of currently operational power generation capacity. CPV currently
 provides asset management services for over 6,300 MWs in six power markets.
 CPV is majority owned by Warburg Pincus. In addition to its Silver Spring,
 Maryland headquarters, CPV has offices in Boston and San Francisco. For
 more information please visit http://www.cpv.com.
 
 
 

SOURCE Competitive Power Ventures, Inc.

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