New York - Caithness Energy, a privately-held Independent Power Producer specializing in the development, acquisition, operation, and management of renewable energy and natural gas development projects, announced the closing of a $1.6 billion financing to develop an 1,875 megawatt combined-cycle natural gas electric generating facility in Guernsey County, Ohio.
A Paul Hastings team, led by Mike Huang, Holly Snow and Jason Hill, advised Caithness on the formation of the joint venture with Apex Power Group to develop the project and on approximately $600 million of equity and mezzanine financing for the construction of the project. The project also concurrently raised approximately $1 billion in committed senior debt financing for construction of the project. The Paul Hastings team also included associates Lidia Anastasio, Joseph DiCarlo, Gabriella Pan, Joyce Shin and Tyler Thiret.
Using state-of-the-art combined cycle technology and a dry cooling system, Guernsey Power Station will be a cost-efficient, fuel-efficient plant that protects air quality and conserves water. The plant is expected to be the largest east of the Mississippi.
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