Mission Energy Completes Commercial Bank Financing for $145-Million Auburndale Project

Strategic Insights -

Mission Energy Company has successfully completed the commercial bank financing of the $145-million 150-megawatt Auburndale project in Florida. The project, located near the city of Auburndale, sells electricity to Florida Power Corporation and steam to two local industrial companies, Coca-Cola Foods and Todhunter International, Inc. The project began operations in 1994 and was developed and operated by Mission Energy. The financing for the project was provided by the Sanwa Bank Limited, consisting of a $126-million term loan and a $19-million letter of credit facility.

Key Takeaways:

  • Mission Energy completed the commercial bank financing of the $145-million 150-megawatt Auburndale project in Florida, marking the third project financing by the company in 1995.
  • The project sells electricity to Florida Power Corporation and steam to two local industrial companies, Coca-Cola Foods and Todhunter International, Inc.
  • The project was developed and operated by Mission Energy, with a total capacity of 150 megawatts.
  • Financing for the project was provided by the Sanwa Bank Limited, with a term loan of $126 million and a letter of credit facility of $19 million.
  • This brings Mission Energy's total involvement to 33 project financings aggregating more than $6 billion.
  • Mission Energy Company specializes in the development, acquisition, construction management, and operation of independent power production facilities.
  • The company has a total of 40 projects in operation or under construction and permitting worldwide, totaling over 6,800 megawatts of generation capacity.
  • Mission Energy is a subsidiary of SCEcorp (NYSE: SCE), which also owns Southern California Edison Company and Mission First Financial.

Statistics:

  • $145 million: the total investment in the Auburndale project
  • $126 million: the $126-million term loan provided by the Sanwa Bank Limited
  • $19 million: the $19-million letter of credit facility provided by the Sanwa Bank Limited
  • 150 megawatts: the capacity of the Auburndale project
  • 40 projects: the total number of projects in operation or under construction and permitting worldwide by Mission Energy
  • 6,800 megawatts: the total generation capacity of Mission Energy's projects worldwide
  • $6 billion: the total value of Mission Energy's project financings

Sources:

  • PRNewswire, "Mission Energy Company Announces Completion of Commercial Bank Financing of the $145-Million 150-Megawatt Auburndale Project", Nov. 6, 1995
  • Company press release (no specific date or source provided)