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Power
01 July 2005
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[project finance]
[project finance]
Neptune prices
Bookrunner SG has priced a $550 million private placement for the Neptune Regional Transmission System. It is understood to have brought in over 12 institutional investors into a 22-year financing for the subsea cable project. The deal priced at 170bp over the nearest equivalent treasury, and has sold strongly.
Neptune's developers are Cianbro Development, CTSBM Investments, ESAI Energy Ventures, Standard Energy Development and Boundless Energy. Equity investment is coming from EIF Group and Starwood Capital Group Global. The deal also features a $50 million letter of credit from Allied Irish Banks and DZ Bank, priced at 150bp over libor.
Neptune is a 600MW subsea cable that runs from Sayreville, New Jersey, to Levittown, NY. It is designed to bring power from the high capacity PJM East market to the capacity and transmission constrained Long Island Power Authority (LIPA). The project has a long-term capacity contract with...
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