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19 December 2008

NuCoastal seeks financing for further four

NuCoastal Power has held discussions with banks about financing a series of four power plants in Texas. NuCoastal, which is changing its name to ReNu Power following an investment from an ArcLight-managed fund, is close to completing the repowering of the Victoria gas-fired project. Victoria is a 491MW plant located in East Texas, whose rehabilitation NuCoastal financed with an $87 million loan from Calyon in November 2007.

The four remaining plants include three gas facilities – of which one is located in Corpus Christi and one in McAllen – and a 303MW petcoke-fired plant in Point Comfort, which has already received its air permit. Victoria and the four plants under development have a total capacity of 1,500MW, and would dispatch into the ERCOT power pool. NuCoastal acquired the portfolio from Topaz Power in late 2006, while Topaz itself closed a repowering financing earlier this year.

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