Cogentrix finances Louisiana generation project

Cogentrix Energy (Charlotte, NC) recently completed financing for its Ouachita Power project in Ouachita Parish near Sterlington, LA.

The financing, secured through Bank of America, N.A., allows construction of the 816 MW, natural gas-fired power plant to start on schedule this month. David Lewis, chairman and CEO of Cogentrix, said Ouachita Power previously entered into a long-term tolling agreement with a power marketer for the delivery of natural gas to the plant and the off-take of the entire electrical output from the plant. Cogentrix expects commercial operation to start by June 2002.

"The Ouachita Power Project financing is the fourth project Cogentrix has taken into construction in the last nine months, representing a combined total of over 2,200 MW of electricity and over US$1.2 billion in project financing," Lewis said. "By any measure, this is a significant accomplishment and one that we intend to build upon as we respond to the significant need for additional electric generation that exists in the United States today."

The National Energy Production Corporation (NEPCO), an Enron subsidiary, plans to serve as the engineering, procurement and construction (EPC) contractor for the project. Mobilization on the 100-acre site along the Ouachita River, adjacent to Entergy's Sterlington substation, located about 20 miles north of Monroe, LA, should occur later this month.

Cogentrix Energy (www.cogentrix.com) acquires, develops, owns and operates electric generation and other power assets in the United States and internationally. Cogentrix has, in whole or in part, equity interests in 30 facilities in 14 states with a total generating capability of about 7,000 MW.

Edited by April C. Murelio
Managing Editor, Power Online