Lotus Compass Generation Awarded best North America Conventional Power Project Finance Deal of the Year by Power Finance and Risk

May 21, 2018 in Press Releases

May 21, 2018 – Power Finance and Risk is pleased to announce the winners of its 15th Annual Deals and Firms of the Year Awards, with added emphasis this year on the leading investment banks in power across the Americas.

Organizations and individuals have been recognized in 32 separate categories, covering the best project sponsors, mandated lead arrangers, investment banks, law firms and institutional investors, as chosen by industry participants.

In addition, individual deals are singled out for special recognition across six categories, covering project finance and mergers and acquisitions in North America and Latin America.

Dozens of industry professionals including finance officials at leading developers, private equity executives, heads of project finance, attorneys and investment bankers determined the results in a poll run by PFR earlier this year.

“I have never seen such a strong response to our poll,” said Richard Metcalf, editor of PFR. “The winners should be extremely proud of the industry recognition that these awards represent.”

North America Conventional Power Project Finance Deal of the Year
Starwood Energy — Compass Generation

Starwood Energy Group Global got more for less by plundering a hot term loan B market to refinance its Compass Power Generation gas-fired portfolio. By combining its 840 MW Marcus Hook facility with its Marco DM portfolio—the 173 MW Dighton and the 206 MW Milford facilities it had recently acquired from Dynegy—and refinancing all three assets together, Starwood was able to fund a $150 million dividend. Alongside the holdco term loan B, letter of credit facilities were issued at the level of Marcus Hook OpCo Cornerstone, which significantly reduced the cost of the letters of credit without impacting execution of the term loan B.

Sponsor: Starwood Energy Group Global

Lead Arrangers: MUFG, Morgan Stanley

ABOUT PFR: Power Finance & Risk provides a comprehensive package of insightful news, analysis, proprietary data and informed perspectives on financing and M&A in power industry in the Americas, including generation, transmission and midstream gas assets. More information about Power Finance and risk can be found here: www.powerfinancerisk.com