BRAINTREE, Mass., Dec. 23, 2016 /PRNewswire/ -- The CPV Towantic Energy Center ("CPV Towantic") was recognized for its broadly received creative financing approach with an award just announced by Power Finance International ("PFI") for the Americas Power Deal of the Year for 2016.
The PFI awards are presented annually to energy companies across the globe who demonstrate industry excellence in various categories. This is CPV's third such award from PFI in five years. In 2011, PFI recognized the financing of CPV Sentinel in Southern California as the "Americas Power Deal of the Year," and in 2014 PFI awarded CPV St. Charles Energy Center in Maryland "North America Power Deal of the Year."
In announcing the award, PFI cited CPV Towantic's sponsors' strong working relationships with the project finance community; geographic diversification; a 7-year capacity commitment with ISO-New England; flexibility in financing post-capacity commitment; and a rapidly de-levered capital structure as the key elements that made this financing successful.
"We are extremely proud of CPV for continuing to lead the U.S. energy project finance market," said CPV CFO Paul Buckovich. "These awards recognize what we at CPV already know, that the CPV team, and its group of 'go-to' banks are unparalleled in the energy industry today."
The CPV Towantic financing, led by MUFG Union Bank, N.A., Credit Agricole Corporate and Investment Bank, and CIT Bank, N.A., was arranged with a total of sixteen lenders participating in the financing. The consortium of lenders was comprised of long-standing CPV relationship-based lenders as well as a few lenders for whom CPV Towantic represented their first investment in the U.S. power generation markets.
"We are very pleased to partner with CPV in the CPV Towantic Energy Center project, and appreciate the project recognition by PFI," said Tim Howell, who leads the Power & Development team at GE Energy Financial Services. "We have a long history of working with the CPV team to co-develop and construct attractive projects which use GE's latest power generation technology."
Additional information about the awards and other recipients can be found at www.pfiawards.com.
CPV Towantic Energy Center Located on a secluded 26-acre site in the Woodruff Hill Industrial Park in Oxford, Connecticut, the state-of-the-art CPV Towantic Energy Center will use clean natural gas to create electricity to power over 750,000 Connecticut homes. The facility will employ dry-cooling and the most advanced natural gas turbine and environmental control technology. It will be one of the cleanest conventional electric generating projects in the world when it comes on-line in 2018. For more: www.cpvtowantic.com.
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SOURCE CPV Towantic Energy Center