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BETHESDA, Md., May 13, 2002 -- PG&E National Energy Group, a unit of PG&E Corp., on Friday completed a $340 million sale-leaseback for the Attala Generating plant in Mississippi.
CIT Group Inc.'s structured finance group and another equity lessor provided the lease equity for the transaction. Lease debt financing was provided by institutional investors.
"This transaction is another example of our continued success in raising capital for our projects from a variety of sources," said John Cooper, PG&E National Energy Group's senior vice president of finance.
A sale leaseback transaction involves the sale of a facility to one or more equity investors who lease the facility back to the original owners for their use over the term of the lease.
The power plant, located in Mississippi's Attala County, is a natural gas- fired, combined-cycle electric generating facility capable of producing more than 500 megawatts of electricity.
PG&E National Energy Group owns or controls through various contractual arrangements an operating generation portfolio of more than 7,000 MW and owns or controls more than 7,700 MW of generating facilities under construction. Headquartered in Bethesda, Md., PG&E National Energy Group develops, builds, owns and operates electric generating and natural gas pipeline facilities and provides energy trading, marketing and risk-management services.
A subsidiary of Tyco International Ltd., CIT is a global source of financing and leasing capital and an advisor for companies in more than 30 industries. Founded in 1908, CIT operates extensively in the United States and Canada with strategic locations in Europe, Latin and South America, and the Pacific Rim.
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