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23 December 2004 - Calpine Corporation's indirect subsidiary, Compania de Generacion Valladolid, S. de R.L de C.V. (CGV), has completed a $195m non-recourse project financing for the Valladolid III Energy Centre in Valladolid, Mexico.

The financing will fund the construction of the 525 MW generation project that Calpine is developing with partners Mitsui & Co., Ltd and Chubu Electric Power Co., Inc. Calpine has supplied two General Electric F-class combustion gas turbines in exchange for a 45 per cent interest in CGV. Valladolid III is expected to begin operations in mid-2006 and will sell its full output to the Comision Federal de Electricidad (CFE) under a 25-year power purchase agreement.

Calpine's chief financial officer, Bob Kelly, said: "With its long term power sales contract already in place, we are proud of achieving another milestone for our Valladolid project in Mexico."

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