Citibank/Salomon Smith Barney and Societe Generale are arranging a $2.5 billion loan to support a joint venture between Panda Energy International and TECO Power Services.
The financing comprises of $1.5 billion of non-recourse debt, and a $1 billion bridge to equity.
The loan will be used to support the construction of two natural gas-fired, combined-cycle power plants. The first is the El Dorado project, a 2,140 megawatt power plant located in Union County, Arkansas. The other is the Gila River Project, a 2,200 megawatt power plant located in Maricopa County, Arizona.
Along with the loan supporting the joint venture, Credit Suisse First Boston is …
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