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

Power News

01 November 2002

Read more: [BOT] [project finance] [project finance]

NEG walks away from GenHoldings

PG&E's National Energy Group has walked away from its investment in the GenHoldings I portfolio and has effectively handed over the assets to its lenders. The move is the first time in recent memory that a sponsor has resorted to such drastic action, and has not pursued a strategic sale. As such it demonstrates the central attraction of non-recourse structures to sponsors ? that such a burden can be abandoned ? and opens up the possibility of further similar actions by distressed corporates.The GenHoldings portfolio consists of the Millennium project, a 360MW plant located in Massachusetts that is operating, a 1080MW plant located in Athens, New York, the 1092MW Harquahala facility in Arizona, and a 1170MW Covert, Michigan plant. Harquahala was originally a synthetic lease candidate, and Covert was only to be included if the GenHoldings portfolio raised enough in syndication. The Citi- and SG-led financing raised $1.46 billion towards a $1.7 billion target. The difference of $240 million was...


Latest Deals Database updates

Kuala-Lumpur-Singapore High-Speed Rail PPP Project Update date 22/04/2014
Sector Transport > High-speed rail
Country Asia > Malaysia
Total Debt Loan Amount
Status Financial advisor mandated
Perth Stadium PPP project Update date 22/04/2014
Sector Leisure/Stadia > Stadia
Country Asia Pacific > Australia
Total Debt Loan Amount
Status Preferred bidder
IJmond Sea Lock PPP Update date 22/04/2014
Sector Transport > Port
Country Europe - EU > Netherlands
Total Debt Loan Amount
Status Tender launched
Change font size: Switch to default font size Switch to medium font size Switch to large font size