Developer Closes Financing on $7.8–Billion Turbine Purchase
In a deal highlighting power developers' bullish outlook on the growth of the U.S. market, Bethesda, Md.-based PG&E National Energy Group has announced a plan to purchase 50 turbines at a cost of nearly $7.8 billion from three different manufacturers. PG&E National plans to use the turbines to help in the addition of nearly 16,000 Mw of capacity nationwide.
As part of what PG&E National calls an innovative approach to financing power projects, French banking giant Société Générale will back a complex transaction that will provide for the turbine purchases and related project costs without any near-term cash outlays from PG&E Corp., PG&E National's parent.