Calpine Gets $373M For Power Plant Upgrade

Calpine has acquired a $373 million loan to finance the development of its Los Esteros Critical Energy Facility in San Jose, California. The U.S. power company will also seek to buy back nearly $300 million in shares of its common stock.

The obtained funding includes $68 million in letter of credit facilities and a $305 million construction loan, which will transform into a 10-year term loan as commercial operations commence. Credit Agricole CIB, Banco Bilbao Vizcaya Argentaria, Bayerische Landesbank and West LB jointly arranged the loan facility.

Click here for the release from Business Wire.