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.

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