The owners of a combined-cycle gas-fired project in the northeast have begun reaching out to banks about refinancing construction debt.
The consortium controlling the 1,020 MW Cricket Valley Energy Center, which Advanced Power is developing in Dover, N.Y., is in early stage discussions with lenders, sources tell PFR.
It was financed in part with a $700 million, construction-plus-five year term loan A arranged by GE Energy Financial Services, BNP Paribas and Crédit Agricole and priced at 325 basis points over Libor (PFR, 1/24/17).
The unit will sell its output into the New York Independent System Operator market when it comes online early next year (PFR, 12/18/18).
Other shareholders include JERA Co., a Japanese joint venture between TEPCO Fuel & Power and Chubu Electric Power Co., Development Bank of Japan, TIAA Global Asset Management, BlackRock Financial Management, NongHyup Financial Group and Kiwoom Asset Management.
Further details about the size and nature of the proposed deal could not be learned. A spokesperson for Advanced Power in Canton, Ohio, declined to comment.
The bank market for post-construction CCGT refinancings has shown its depth in recent times—Tenaska was looking to cut pricing on the loan package for its recently operational 940 MW Westmoreland Generating Station in South Huntingdon Township, Pa., by some 75 bp earlier this summer (PFR, 7/11).