NRG Energy obtains project financing for development of 550 MW combined cycle power plant in California
Clients NRG Energy, Inc.
Jones Day provided advice to NRG Energy, Inc., an owner and operator of one of the largest and most diverse power generation portfolios in the U.S., in connection with the $688 million project financing for the development, construction, operation, and management of a 550 MW combined cycle power plant to be located on a site in El Segundo, California. A syndicate of financial institutions led by Credit Agricole Corporate and Investment Bank, Mizuhi Corporate Bank, Ltd., and RBS Securities Inc. provided the 10-year project financing on a non-recourse basis to NRG West Holdings LLC, the borrower affiliate of NRG. Southern California Edison will purchase power produced by the plant under a 10-year power purchase agreement.