Energy Plant Financing: Mission Energy Co. announced...
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Energy Plant Financing: Mission Energy Co. announced Wednesday that it has obtained financing worth $108.76 million from Barclay’s Bank PLC in London for a cogeneration project south of Perth, Australia.
Completion of financing for the plant came after 15 months of negotiations. The 116-megawatt plant, which will be fueled by natural gas, will supply electricity to a regional power company and both electricity and steam to British Petroleum’s Kwinana Refinery, where the plant will be built.
Construction is set to begin next month. At its peak, the project will have a construction work force of about 220 people. Commercial operation of the project is expected to begin by November, 1996.
Irvine-based Mission Energy Co. specializes in the development, acquisition, construction management and operation of independent power production facilities. Mission Energy’s investments include 41 projects in operation or construction worldwide. Mission Energy is a subsidiary of SCEcorp, which also owns Southern California Edison Co.
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