Conoco Completes Financing for Texas Cogeneration Facility.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Sept. 12, 2000 Conoco Global Power, the wholly owned power subsidiary of Conoco (NYSE NYSE See: New York Stock Exchange :COCA) (NYSE:COCB), today announced the completion of long-term financing Long-term financing Liabilities repayable in more than one year plus equity. agreements for the 420-megawatt (MW) natural gas-fired cogeneration plant now under construction at the DuPont company's Sabine River Sabine River River, eastern Texas and western Louisiana, U.S. Rising in northeastern Texas, it flows southeast and south, broadens near its mouth to form Sabine Lake, and continues from Port Arthur, Texas, through Sabine Pass to enter the Gulf of Mexico after a course of 578 Works (SRW SRW Super Robot Wars (video games) SRW Single Rear Wheel (truck) SRW Segmental Retaining Wall SRW Soldier Radio Waveform SRW Strategic Reconnaissance Wing SRW Search and Retrieve via the Web ) facility near Orange, Texas. Financing for $182 million of the power project's $260 million cost was led by Banc of America Securities LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . The facility will be owned and operated through the SRW Cogeneration Limited Partnership. Conoco is project manager for the construction of the facility, which is scheduled to begin commercial operations in the summer of 2001. This is Conoco's fourth power plant venture since it entered the electric power business in 1995. The company's total combined capacity will exceed 1000 MW when the project is completed. Bechtel Energy Corporation is the construction contractor for the cogeneration facility. Electricity and 100 percent of the steam generated by the new plant will be sold to DuPont for its Sabine Works nylon intermediates facility. A separate long-term contract is in place to sell a significant portion of the capacity of the new power facility to PG&E National Energy Group's subsidiary, Energy Trading - Power, L.P. The remaining electricity from the Sabine cogeneration plant will be marketed through the Southeaster south·east·er n. A storm or gale blowing from the southeast. southeaster Noun a strong wind or storm from the southeast Noun 1. Reliability Council. "The completion of financing for the Sabine power facility is another milestone in the development of this integrated project," said Ron Walsh, president, Conoco Global Power. "Our development process incorporates Conoco's strengths in natural gas, power, project financing Project financing A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis. and management to the advantage of industrial customers seeking reliable energy and lower operating costs operating costs npl → gastos mpl operacionales ." Conoco Global Power, with headquarters in Houston, is the power subsidiary of Conoco, a major, integrated energy company active in more than 40 countries. http://www.conoco.com This news release contains forward-looking statements about Conoco power projects. These statements are not guarantees of future performance, involve certain risks, uncertainties, and assumptions that are difficult to predict, and are based on assumptions about future events that may not prove accurate. Therefore, actual outcomes and results may differ materially from what is expressed in this announcement. Among the factors that could cause such differences are the future price of and demand for electrical power, the future prices of plant fuels, the ability to obtain government approvals, and the availability of financing for the projects. These matters are discussed in more detail in Conoco's publicly available filings with the Securities and Exchange Commission. |
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