Deal details

Arclight NJ/MD Thermal Portfolio - Project Acquisition Financing

Description

On February 18, 2022, ArcLight Capital Partners completed an acquisition of nine natural gas-fired power generation facilities in New Jersey and Maryland totaling 4.8 GW (“Parkway Generation”) from Public Service Enterprise Group for $1.37Bn.The transaction represents the largest acquisition of power generation assets in over five years.

Assets involved

Companies involved

  • ArcLight Capital Partners
  • BNP Paribas, Goldman Sachs, Jefferies Group, Morgan Stanley
  • BNP Paribas, Goldman Sachs, Jefferies Group, Morgan Stanley
  • BNP Paribas, Goldman Sachs, Jefferies Group, Morgan Stanley, Sycamore Tree Capital Partners
  • Latham & Watkins
  • Morgan Stanley
  • Morgan Stanley
  • Rock Creek Energy Group, LLP, Saul Ewing
  • White & Case

Key information

Parkway Generation

1240$m

18-02-2022

Power / Gas-fired combined cycle

United States

Project & Infrastructure Finance

Not PPP

Tranche information

Term Loan

1000$m

US Dollar - USD

0

7.0 years

-

-

-

Participant role ticket size
Sycamore Tree Capital Partners Lender 200$m
Goldman Sachs Lender 200$m
Jefferies Group Lender 200$m
Morgan Stanley Lender 200$m
BNP Paribas Lender 200$m

Term Loan

140$m

US Dollar - USD

0

7.0 years

-

-

-

Participant role ticket size
Sycamore Tree Capital Partners Lender 28$m
Goldman Sachs Lender 28$m
Jefferies Group Lender 28$m
Morgan Stanley Lender 28$m
BNP Paribas Lender 28$m

Revolving credit facility

100$m

US Dollar - USD

0

5.0 years

-

-

-

Participant role ticket size
Sycamore Tree Capital Partners Lender 20$m
Goldman Sachs Lender 20$m
Jefferies Group Lender 20$m
Morgan Stanley Lender 20$m
BNP Paribas Lender 20$m