Boston, MA 08/11/2014 (wallstreetpr) – Diversified technology and financial services company General Electric Company (NYSE:GE)’s subsidiaries, GE Capital and GE Energy Financial Services have announced their intentions to provide finance to two projects in Illinois, Texas, and Maryland.
Cash Flow Financing
General Electric Company (NYSE:GE) Capital said that it was providing $50 million cash flow financing to Rentech Nitrogen Partners LP (NYSE:RNF) for a number of capacity expansion projects to help drive its future growth prospects. The facility would be extended to general partnership purposes too if GE Capital were approached.
The company indicated that it was focused on tailor-made capital solutions for the companies of a mid-size market such as Rentech Nitrogen to help its tactical efforts. GE Capital said that it had provided Rentech Nitrogen with growth financing opportunities for its master limited partnership through the combination of GE’s industry and structuring expertise.
Consortium of Lending
In another development, GE’s subsidiary GE Energy Financial Services has joined with 14 more lenders to close $775 million financing for St. Charles Energy Center, which was under construction in Maryland. This was announced by Competitive Power Ventures and Partners Marubeni besides Toyota Tsusho. However, details of financials were not revealed.
The project is a high-tech 725MW combined-cycle plant with natural gas-fired power using two reliable, highly professional GE 7F.05 Gas turbines apart from a General Electric Company (NYSE:GE) D400 steam turbine. SNC Lavalin Constructors Inc. was given the assignment of construction while EthosEnergy Power Plant Services, LLC would take care of the operations. The project would cater to the needs of 700K homes.
Management Speaks
The Power Project Development Department general manager Shinichi Ushijima said that St. Charles project was the second one for Toyota Tsusho partnering with Competitive Power Ventures. North America was one of its focus business center where it would continue to expand its power business.
Similarly, Marubeni Power International’s president and CEO Toshi Fukumura said that it was committed to further expanding its footprint and capabilities in the electric power sector of North America.
