ContourGlobal has announced the successful refinancing of a 1,205 MW portfolio of Natural Gas power plants located in the states of California, New Mexico and Texas: Redwood, Hobbs and Borger, respectively.

The refinancing was completed with the participation of large international banks such as Mizuho, MUFG, ING, Société Générale, Intesa San Paolo, Nomura, JPMorgan, Crédit Agricole Corporate & Investment Bank, Cadence Bank and Siemens.

The transaction, completed on December 10^th, comprised of USD 436.3m Term Loan, USD 147.2m Project LC Facility, USD 18.2m DSR LC Facility USD 10.0m RCF. The aim was to refinance the existing debt on Hobbs level and re-leverage other gas-fired plants in our portfolio, Borger and Redwood. The cash extraction of $122,0m is planned to be used to fuel our renewable asset expansion in the near future. 

The strong interest by investors and lenders reflects high confidence in ContourGlobal portfolio’s robust operational track record and commercial attractiveness.

This refinancing is a key component of ContourGlobal’s broader financial strategy, aligned with its ambitious growth plans focused on the organic expansion of its renewable power portfolio and on a sustainable transition of its thermal fleet. As a KKR company since December 2022, ContourGlobal continues to leverage its global capabilities, managing 126 power plants across 18 countries with a total installed capacity of approximately 5.6 GW.