Rollcast Energy Inc. announced the closing of $133 million in non-recourse, project financing for the company’s 53.5 MW Piedmont Green Power LLC biomass power plant.
The funding comes from an $82 million construction and term loan and a $51 million bridge loan related to the Treasury grant. Atlantic Power Corp., which owns 60 percent of Rollcast, will also provide $75 million in an equity contribution.
Zachry, the project’s EPC contractor, is expected to begin construction immediately and Rollcast expects the project to be completed by the fourth quarter of 2012. The output from the project will be sold to Georgia Power under a power purchase agreement.
MUFG Power and Utilities and Investec are the lead arrangers and joint bookrunners for the financing. Delta Power Services, a unit of Babcock & Wilcox, will provide operations and maintenance services and an affiliate of Rollcast will be the project's asset manager.
