Sithe Global Power, LLC (“Sithe Global”) announced today that the 880 MW
Goreway Station, owned by its wholly owned affiliate, Goreway Station
Partnership, has successfully completed performance and reliability
testing and has begun commercial operation. The generation facility has
also been certified by Ontario’s Independent Electricity System Operator
(“IESO”) in Ontario as meeting all IESO system requirements to dispatch
into the Ontario wholesale market.
The Goreway Station is a natural gas-fired combined cycle generating
plant located in Brampton, Ontario, within the greater Toronto area. The
plant reflects Sithe Global’s commitment to building plants that are
among the cleanest in the world. At Goreway Station, Sithe Global has
incorporated high efficiency gas turbines, selective catalytic reduction
for the reduction of emissions of nitrogen oxides and an air-cooled
condenser, which reduces the facility’s water consumption by 95%. The
Ontario Power Authority (OPA) has entered into a 20 year clean energy
supply agreement to take the full output of Goreway Station, as part of
the OPA’s initiatives to address the critical need for additional power
in the greater Toronto area. In addition to addressing local reliability
needs, the plant will also support Ontario’s plan to transition to
cleaner sources of electricity.
The Goreway facility was constructed under a turn-key engineering
procurement and construction agreement with SNC-Lavalin Power Ontario
Inc. The facility will be operated under an operations and maintenance
agreement by Sithe Global Canadian Power Services, Ltd., an affiliate of
Sithe Global.
The approximately CAD 942 MM financing for the facility was co-led by TD
Securities and the RBC Capital Markets. The equity for the project was
funded by Sithe Global’s investors, which are affiliates of The
Blackstone Group and Reservoir Capital Group, and Sithe Global senior
management.
Sithe Global is indirectly owned approximately 80% by Blackstone SGP
Capital Partners (Cayman) IV L.P., an affiliate of The Blackstone Group,
and management, led by CEO Bruce Wrobel, with the remaining
approximately 20% stake held by investment funds managed by the
Reservoir Capital Group. Blackstone’s investment in Sithe Global has
been made to facilitate Sithe Global’s plans to develop, finance,
construct and operate electric power generation facilities in the U.S.
