On September 9, 2009, Sithe Global Power completed the sale of its stake in Goreway Station, the 880 MW natural gas-fired combined cycle generating facility in Brampton, Ontario. Chubu Electric Power Goreway and Toyota Tsusho Goreway Netherlands have each acquired a 25% interest. Goreway Luxembourg Holdings, a wholly owned affiliate of Sithe Global Power, will retain 50% ownership in the facility. Financial details of the deal are undisclosed. Sithe Global's Canadian operating services affiliate, Sithe Global Canadian Power Services, Ltd., will continue to provide operations and maintenance services to the facility. The project's accelerated clean energy supply contract with Ontario Power Authority and existing debt financing arrangements are unaffected by the transaction.
Goreway Station, constructed by way of an engineering procurement and construction agreement with SNC-Lavalin Power Ontario Inc., began commercial operation in June 2009. The facility is intended to generate 97% fewer noxious gases compared to a coal-fired plant, and almost no sulfur emissions, and it uses 95% less water. It provides enough energy to power 330,000 homes.
Further information is found on Reuters and the Brampton Guardian's website.
Background Information
Torys represented the lead arrangers, RBC Capital Markets and TD Securities, with ateam that included Jonathan Weisz, Scott Kraag, Alison Lacy, Tom Zverina, Nadine Rockman, Dennis Mahony, Jennifer Manning, Gwen Johnson, Donald Roger, Ron Nobrega and Renée Laliberté.
On February 1, 2006, Goreway Station Partnership closed an approximately C$942 million financing for the 880 MW Sithe Goreway power plant.