Goreway Station Partnership completes C$942 million financing of Goreway Station
On February 1, 2006, Goreway Station Partnership closed an approximately C$942 million construction facility for the 880 MW Goreway Station. Goreway Station Partnership is a 100 percent subsidiary of Sithe Global Power LLC, which is owned 80 percent by Blackstone SGP Capital Partners (Cayman) IV L.P., an affiliate of The Blackstone Group, and management, led by CEO Bruce Wrobel, with the remaining 20 percent stake held by Reservoir Capital Group.
Sithe Global Power is a privately held international independent power development company.
Goreway Station is a natural gas–fired combined-cycle generating plant being developed in Brampton, Ontario. Simple-cycle operations are scheduled to commence by June of 2007, with full combined-cycle plant operation by July of 2008.
The partnership has entered into a 20-year clean energy supply agreement with the Ontario Power Authority toward the full output of Goreway Station, as part of the OPA's initiatives to address the critical need for additional power in the Greater Toronto Area.
The project will be constructed by SNC-Lavalin Power Ontario Inc., a wholly owned subsidiary of SNC-Lavalin Inc.
The financing was provided by a syndicate of lenders led by The Toronto-Dominion Bank and Royal Bank of Canada. The Toronto-Dominion Bank is the administrative agent, RBC Capital Markets and TD Securities are co-lead arrangers, RBC Capital Markets acts as syndication agent and RBC Capital Markets and TD Securities are book managers.