Chesapeake

Situational Analysis

Commonwealth Chesapeake Company, a special purpose company for a 300 MW peaking facility in Virginia. The project markets its power on a merchant basis to PJM.

 

NCP was the original sponsor and developer of the project. Prior to construction, NCP had sold an ownership interest in the project company to TECO, who in turn contributed all the financing required to construct the facility.

 

Following the in-service date, NCP had a right to exercise an option to re-purchase and sell up to 50% ownership interest in the company to a third party.

 

Fieldstone Role


Fieldstone acted as financial advisor to NCP in connection with the sales process that concluded with a purchase of NCP's stake by TECO.