Calpine Completes First Phase of 560-Megawatt Fox Energy Center

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Researched by Industrialinfo.com (Industrial Information Resources, Incorporated; Houston, Texas). Calpine Corporation (NYSE:CPN) (San Jose, California) has completed commercial startup for phase one of the $430 million Fox Energy Center in Kaukauna, Outagamie County, Wisconsin.

Construction for the first phase began in October 2003 and was completed in November 2004. Full commercial start-up for phase one is expected to be completed this week. Phase one of the 560 MW Fox Energy Center consists of a 183-megawatt GE Power Systems MS7001FB combustion turbine generator that will be attached to a Nooter/Eriksen heat recovery steam generator (HRSG). The exhaust gases from the combustion turbine will be utilized to partially power a 240-megawatt Toshiba International Corporation condensing steam turbine. The second phase of the project is currently under construction and will add a second identical GE combustion turbine with HRSG to fully power the steam turbine in a two-on-one combined cycle operation. It is scheduled for commercial operation in December 2005.

Calpine Corporation entered into a $400 million, 25-year, non-recourse sale/leaseback transaction with affiliates of GE Commercial Finance Energy Financial Services (Stamford, Connecticut), a subsidiary of General Electric Company (NYSE:GE) (Fairfield, Connecticut), for the 560-megawatt project. A portion of the proceeds will be used to reimburse Calpine for $135 million of the construction capital spent for the project and to repay $20 million of the existing debt associated with equipment for the project.

Wisconsin Public Service Corporation (NYSE:WPS) (Green Bay, Wisconsin) will purchase the power generated from Fox Energy Center under a ten-year power purchasing agreement.

Parsons Power Group Incorporated of Reading, Pennsylvania, performed the engineering for the project. Oscar J. Boldt Construction Company, headquartered in Appleton, Wisconsin, acted as the general contractor.

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