Menu Sectors
Project Finance Copying and distributing are prohibited without permission of the publisher

Boston Gen: Hedges go merchant

01 November 2005

On 23 October, Boston Generating was the subject of a recapitalisation through its new owner EBG Holdings. Boston Generating consists of the Sithe Boston generating, which was the subject of a $1.25 billion financing in December 2000, led by Credit Suisse First Boston and BNP Paribas.

Despite being located near Boston, which is experiencing strong power demand, and being highly efficient, the plants have a chequered history. The three assets – Mystic 8&9, a 1600MW gas-fired plant, Fore River, 800MW of dual-fired capacity and Mystic Station, a 1005MW oil- and gas-fired plant – were to be constructed by Raytheon, and their EPC contracts were transferred to Washington Group, which was unable to perform them because of a liquidity crisis.

This delayed the construction financing until the appointment of SNC Lavalin as a replacement contractor. The financing ultimately closed in July 2001, and on November 2002, Sithe sold the portfolio...

Latest Deals Database updates

Reading Civic Centre Update date 17/04/2014
Sector Social Infrastructure/PPP/P3/PFI > Social Housing
Country Europe - EU > UK
Total Debt Loan Amount
Status Preferred bidder
El Limon-Guajes Gold Update date 17/04/2014
Sector Mining/Metals > Metals
Country Latin America > Mexico
Total Debt Loan Amount
Status Finance mandated
Highway 407 East (Phase 2) Update date 17/04/2014
Sector Transport > Highway maintenance
Country North America > USA
Total Debt Loan Amount
Status RFP
Change font size: Switch to default font size Switch to medium font size Switch to large font size