Press Release

CalPeak Power receives award for North American Portfolio Financing Deal of the Year 2006 from Project Finance Magazine

February 14, 2007 - The financing of the CalPeak portfolio of 250MW in San Diego and San Francisco, has been awarded the North American Portfolio Financing Deal of the Year 2006 by Project Finance, a leading industry publication.

Tyr Capital and Starwood Energy Group closed the acquisition of CalPeak Power on 26 May 2006. Advised by Fieldstone and lead arranged by SMBC, the $123.4 million portfolio financing was designed to maximize debt whilst also providing current cash returns to equity through an A and B loan structure with the B loan based on the residual value of the turbines in the plant.

The CalPeak template is an innovative twist on the B loan structure and has application anywhere there are easily transportable long-life assets. It combines the residual skills of big-ticket lease arranging with project debt and is certain to find new takers.

For the complete Project Finance article, click here.

Fieldstone Private Capital Group acted as financial advisor and debt placement agent to the project sponsors, Tyr Capital and Starwood Energy Group for the acquisition and acquisition financing. The Fieldstone team was led by Manfred Ernst along with Brooks Kaufman and Anastasia Pozdniakova.

CalPeak Power LLC

Status: Closed 26 May 2006
Debt size: $123.4 million
Location: California
Description: 250MW peaking power portfolio

Sponsors: Tyr Capital (Itochu), Starwood Energy Group
Financial advisor: Fieldstone Private Capital Group

Sponsor legal counsel: Bryan Cave; Chadbourne & Parke
Market consultant: Global Energy Decisions

Mandated lead arranger: SMBC
Lead arrangers: AIB, Deka Bank, Erste Bank, Mizuho
Lender legal counsel: Paul, Hastings Janofsky & Walker