Orrick represented GE EFS in a mezzanine debt financing of the 1,182 MW South Field combined-cycle, gas-fired power project in Columbiana County, Ohio. Equity and financing on the development stage project totaled $1.3 billion.
The equity investors in the deal are: Kyushu Electric Power Co. (20%), Showa Shell Sekiyu (15%), Development Bank of Japan (15%), Shikoku Electric Power Co. (10%), NH Investment & Securities (6%) and Bechtel (4%). Advanced Power is retaining a 30% interest. The project will use two General Electric gas turbines and is expected to be completed in the second quarter of 2021. It will be interconnected to the PJM energy market.
The Orrick team was led by Tara Higgins
and included Dao Huynh
and Joe Lodico