Pratt & Whitney built the projects using its own resources, and had been operating them until this year. The projects were operational by the middle of 2001. The developer was able to move quickly since its units, also known as mobile and marine power systems, are very easy to transport. The declaration meant that generating units were exempt from the normal environmental review process, provided that they were installed by September of that year. Pratt & Whitney, a division of United Technologies, installed the units in response to the state of emergency that California's then-governor, Gray Davis, declared after blackouts hit California in 2000. The units in question are four FT8 Pratt & Whitney Twinpac systems, with two gas turbine engines and one 49.5MW generator, and one Swiftpac unit. The project is designed to operate at peak hours and serve demand at these two urban centres. The assets consist of five 50MW units of which three are at San Diego, and two at San Francisco. The deal resembles a B loan financing, albeit one led by project finance banks, but demonstrates the continued attraction of the post-crisis California power market to project lenders.ĬalPeak is a 250MW portfolio of peaker projects located in San Diego and San Francisco. Lead arranger of the $123.4 million financing for the portfolio is Sumitomo Mitsui Banking Corporation. Tyr Capital and Starwood Energy Group closed the acquisition of Calpeak Power on 8 August.
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