Financing of Kleen Energy Systems, LLC
Jun 13, 2008OUTCOME: Received $1.3 billion financing for power plant
Assisted in closing debt and equity transactions valued at more than $1.3 billion representing White Rock Holding Associates, LLC and its wholly-owned subsidiary, Kleen Energy Systems, LLC, in the cons ... truction and long-term financing of Kleen’s 620 megawatt dual fuel-fired electric generation project in Middletown, Connecticut. In connection with this transaction, White Rock conveyed a 90 percent controlling interest in Kleen Energy which then simultaneously closed a $985 million bank financing involving a syndicate of more than 20 financial institutions, arranged by Goldman Sachs Credit Partners. The debt has been rated investment grade by Fitch Ratings, Inc., and the transaction is expected be the largest project-financed deal of the current year to achieve such a rating.
