Intergen Completes Financing On 900-megawatt Magnolia Energy Project

17 December 2001 Boston, MA

Intergen Completes Financing On 900-megawatt Magnolia Energy Project


The financing was led by ABN Amro and Credit Lyonnais with HypoVereinsbank and Credit Agricole Indosuez acting as arrangers, and Citibank, Nord LB, Fuji, Bank of Tokyo Mitsubishi, Bank of Scotland, and Abbey National acting as co- arrangers. The financing was further supported by BNP Paribas, Deutsche Bank, and Co-Bank.

"We are very proud to have brought Magnolia to financial close. Magnolia is the fourth U.S. based facility on which we have begun construction this year and represents a significant step forward in our North American expansion," said Carlos Riva, president and chief executive of InterGen.
Bechtel Power will build the facility under a turnkey contract. El Paso Merchant Energy will provide energy management services to the project.
The project will have a significant positive economic impact on the area, creating approximately 25 permanent, full-time operations jobs, as well as 500 to 750 peak construction period jobs. In addition, the first full year of operation of the Magnolia plant will bring approximately $1.5 million in property taxes to Benton County and its school district, increasing the county's property tax revenues by roughly 50 percent.

InterGen is a global power generation firm. The company is operating or building a total of 21 power stations worldwide representing 15,115 megawatts. It also has projects in advanced development representing an additional 2,760 megawatts, and more than 5,000 megawatts in early stage development. The company has projects operating, under construction and/or in advanced development in the United States, the United Kingdom, the Philippines, Colombia, Mexico, China, Egypt, Turkey, Brazil, Australia, and the Netherlands.

About Bechtel

Bechtel is one of the most respected global engineering, construction, and project management companies. Together with our customers, we deliver landmark projects that foster long-term progress and economic growth. Since 1898, we’ve completed more than 25,000 extraordinary projects across 160 countries on all seven continents. We operate through four global businesses: Infrastructure; Nuclear, Security & Environmental; Oil, Gas & Chemicals; and Mining & Metals. Our company and our culture are built on more than a century of leadership and a relentless adherence to our values, the core of which are safety, quality, ethics, and integrity. These values are what we believe, what we expect, what we deliver, and what we live.  www.bechtel.com