On February 1, 2006, Goreway Station Partnership closed an approximately $942 million construction facility for the 880 MW Goreway Station. Goreway Station Partnership is a 100 per cent subsidiary of Sithe Global Power LLC, which is owned 80 per cent by Blackstone SGP Capital Partners (Cayman) IV LP, an affiliate of The Blackstone Group, and management, led by CEO Bruce Wrobel, with the remaining 20 per cent stake held by Reservoir Capital Group.
Sithe Global Power is a privately held international independent power development company that focuses on certain target markets in North America, Europe, Mexico, Africa and the Middle East. The Sithe Global management team has successfully developed over 50 power plant projects in nine countries with a capital investment in excess of $5 billion.
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 2007, with full combined cycle plant operation by July 2008.
The partnership has entered into a 20-year accelerated clean energy supply agreement with the Ontario Power Authority with respect to the 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 is the syndication agent and RBC Capital Markets and TD Securities are book managers.
Sithe Global and Goreway Station Partnership were represented by Stikeman Elliott LLP with a team that included Jim Harbell, Jason Kroft, Peter Hamilton, Brenda Hebert, Karen Jackson, David Brown, Andrés Durán, Abas Kanu, Ruth Horn, Andrew Elliott, Doug Bryce and Litza Smirnakis.
The lenders were represented by Torys LLP with a team led by Jonathan Weisz that included Scott Kraag, Alison Lacy, Tom Zverina, Dennis Mahony, Don Roger, Nadine Rockman, Ron Nobrega and Renée Laliberté.
William Bradley and Camille Jenman of Hunton & Williams LLP, and Keith Fullenweider and Joshua Gillespie of Vinson & Elkins LLP provided advice to Sithe Global with respect to the EPC contract with SNC-Lavalin and structuring matters, respectively.
The Ontario Power Authority was represented by Rocco Sebastiano, Don MacDiarmid and Richard Wong of Osler, Hoskin & Harcourt LLP. SNC-Lavalin was represented by David Lund, in-house counsel, and Ella Plotkin and Nick Williams of Ogilvy Renault LLP.
Sithe Global Power is a privately held international independent power development company that focuses on certain target markets in North America, Europe, Mexico, Africa and the Middle East. The Sithe Global management team has successfully developed over 50 power plant projects in nine countries with a capital investment in excess of $5 billion.
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 2007, with full combined cycle plant operation by July 2008.
The partnership has entered into a 20-year accelerated clean energy supply agreement with the Ontario Power Authority with respect to the 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 is the syndication agent and RBC Capital Markets and TD Securities are book managers.
Sithe Global and Goreway Station Partnership were represented by Stikeman Elliott LLP with a team that included Jim Harbell, Jason Kroft, Peter Hamilton, Brenda Hebert, Karen Jackson, David Brown, Andrés Durán, Abas Kanu, Ruth Horn, Andrew Elliott, Doug Bryce and Litza Smirnakis.
The lenders were represented by Torys LLP with a team led by Jonathan Weisz that included Scott Kraag, Alison Lacy, Tom Zverina, Dennis Mahony, Don Roger, Nadine Rockman, Ron Nobrega and Renée Laliberté.
William Bradley and Camille Jenman of Hunton & Williams LLP, and Keith Fullenweider and Joshua Gillespie of Vinson & Elkins LLP provided advice to Sithe Global with respect to the EPC contract with SNC-Lavalin and structuring matters, respectively.
The Ontario Power Authority was represented by Rocco Sebastiano, Don MacDiarmid and Richard Wong of Osler, Hoskin & Harcourt LLP. SNC-Lavalin was represented by David Lund, in-house counsel, and Ella Plotkin and Nick Williams of Ogilvy Renault LLP.
