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J. MAKOWSKI COMPANY ANNOUNCES THE COMPLETION OF FINANCING FOR 265 MEGAWATT SECOND PHASE NATURAL GAS-FIRED COGENERATION FACILITY

 J. MAKOWSKI COMPANY ANNOUNCES THE COMPLETION OF FINANCING FOR 265 MEGAWATT SECOND PHASE NATURAL GAS-FIRED COGENERATION FACILITY
 BOSTON, Oct. 29 /PRNewswire/ -- J. Makowski Company announced today that financing has been completed for the 265 megawatt (MW) second phase of Selkirk Cogen, a natural gas-fired cogeneration facility to be located south of Albany, N.Y. Selkirk Cogen Partners, L.P. has obtained $384,000,000 of non-recourse senior debt from the Chase Manhattan Bank in the form of construction and term loans and facilitating Letters of Credit.
 The facility will be situated on the site of the General Electric Company's plastics manufacturing plant in Selkirk, N.Y., and will supply steam to GE and dispatchable electric output to Consolidated Edison Company of New York. The first phase of the Selkirk Cogen project, also located at the GE Plastics site, was financed by Chase in June 1990. It has been operational since April 1992, with electrical output sold to Niagara Mohawk Power Corporation and steam sold to GE. Construction of the second phase commenced in July 1992, and commercial operation is expected to commence in mid-1994. The financing today by Chase includes the refinancing of $100,000,000 of term loans for the Phase I facility.
 Selkirk Cogen has contracted to receive 55 million cubic feet per day of long-term, firm gas supplies from three Canadian producers including ATCOR, Ltd., Pan Canadian Petroleum Limited and Imperial Oil Canada, for the Phase II project. Transportation will be provided in Canada by NOVA Corporation of Alberta and TransCanada PipeLines Limited and in the U.S. by Iroquois Gas Transmission System and Tennessee Gas Pipeline Company. A two-mile spur built by Selkirk Cogen delivers gas locally from the Tennessee system to the site.
 Michael T. Hogan, vice president of J. Makowski Company and project manager of Selkirk Cogen, stated, "We are very pleased to have reached financial closing on this project. We believe it demonstrates the financial community's continued confidence in the strength of the non- utility generation industry. Financial launching of this project also reflects confidence of the energy, economic, environmental and host communities that Selkirk Cogen represents significant benefits for the State of New York. We look forward to bringing these benefits to fruition."
 Selkirk Cogen Partners, L.P. is a partnership comprised of J. Makowski Company and Old State Management Corporation. J. Makowski Company is a Boston-based energy development firm with over 1200 MW of cogeneration and independent power projects in operation or construction, and a number of additional facilities in development. The company also currently manages over 600 million cubic feet per day of gas supplies on behalf of its own projects and for various Northeast local gas distribution companies. Old State Management Company is also a Boston-based firm engaged in energy, environmental and real estate development activities in the Northeast.
 "This closing is the most significant landmark yet in the growth of the company. Occurring in the same week as the refinancing of $208 million of Ocean State Power 'A' rated senior debt, it has been a banner week," commented Walter Q. Howard, senior vice president and chief financial officer of JMC.
 -0- 10/29/92
 /CONTACT: Walter Q. Howard or Kathleen A. Daugherty, 617-227-8080, both of J. Makowski Company/ CO: J. Makowski Company; Selkirk Cogen ST: Massachusetts, New York IN: OIL SU: CON


CH -- NE014 -- 6827 10/29/92 17:28 EST
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Publication:PR Newswire
Date:Oct 29, 1992
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