Date: July 8, 2010
Fortistar closes $105 million financing for renewable landfill gas power projects
White Plains, New York, July 8, 2010. Fortistar announced today the closing of a $105 million senior secured nonrecourse debt facility to provide funding for a portfolio of eighteen landfill gas to energy facilities. Proceeds from the financing will be used to finance operating projects and complete the construction of ten new projects over the next 18 months. Union Bank, N.A. and Investec Bank PLC acted as Joint Lead Arrangers and Joint Bookrunners. CoBank, ACB acted as Documentation Agent. Caterpillar Financial Services Corporation also participated in the financing.
The construction projects will increase Fortistar's landfill gas to energy portfolio by about 20%, maintaining its position as one of the largest such companies in the country. These projects are expected to provide 435,000 MWh per year of renewable energy. This renewable energy will reduce CO2 emissions by 313,300 tons per year. This reduction is equivalent to removing 55,000 vehicles from the roads or planting 78,000 acres of forest.
Fortistar LLC, headquartered in White Plains, NY, has a 25-year history of owning and managing power assets and currently has ownership stakes in over 60 projects in North America with total generation capacity of over 3,000 MW, including the Midland Cogeneration Venture project. the largest IPP cogeneration project in the United States. Fortistar is dedicated to delivering more efficiency from traditional energy facilities as well as developing additional renewable resources. Fortistar's growing renewable business focuses on landfill gas and biomass sectors. For more information on Fortistar Methane, please contact Tom Gesicki, President, Fortistar Methane Group, (716) 439-1004 and David Wentworth, Senior Vice President, Development, (914) 421-4909.
One North Lexington Avenue ¨ White Plains, New York 10601
Tel. (914) 421-4900 ¨ Fax. (914) 421-0052