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SCEcorp'S MISSION ENERGY COMPLETES FINANCING OF 240-MW GAS-FIRED PROJECT IN VIRGINIA

 IRVINE, Calif., Oct. 21 /PRNewswire/ -- SCEcorp's Mission Energy subsidiary has completed a $223 million project financing for the gas- fired Gordonsville Energy, L.P. cogeneration project near Gordonsville, Va. SCEcorp (NYSE: SCE) also is the parent company of the electric utility, Southern California Edison Co.
 The First National Bank of Chicago, as agent and arranger, underwrote the $223 million.
 The 240-megawatt plant, scheduled to go on line in summer 1994, will sell power to Virginia Electric and Power Co. under two 30-year power purchase agreements. Steam will be sold to Rapidan Service Authority under a 30-year steam agreement for use in treating industrial waste water.
 Natural gas and transportation will be supplied under 15-year summer and winter fuel supply arrangements with Union Pacific Fuels Inc. and Tejas Power Corp., respectively. The project's gas will be transported from interstate pipelines to the local distribution company, Commonwealth Gas Services, under a 15-year transportation agreement.
 Ebasco Constructors Inc. began construction in February 1993 with financing provided by Mission Energy.
 "This closing represents the culmination of several years of development effort that further strengthens our position in the mid- Atlantic region and our business relationship with Virginia Power," said Robert D. Fagan, vice president and general manager of Eastern Operations of Mission Energy.
 Mission Energy, based in Irvine, owns 1,400 MW of operating projects and has 543 MW under construction in the United States. Internationally, the company owns 463 MW of operating projects and has 325 MW under construction.
 -0- 10/21/93
 /CONTACT: Mike Noel, 714-752-5588/
 (SCE)


CO: SCEcorp; Mission Energy ST: California, Virginia IN: UTI SU:

JB-JL -- LA030 -- 5470 10/21/93 17:06 EDT
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Publication:PR Newswire
Date:Oct 21, 1993
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