S&P: Orange Cogen Funding Corp. $110 Million Senior Secured Bonds Affirmed At 'BBB+'; Outlook Revised To Negative
Orange Cogen Funding Corp. is a subsidiary of Orange Cogeneration L. P., the owner of a 104 megawatt (MW) gas-fired cogeneration power plant in Bartow, Fla. that began commercial operation in 1992. Orange Cogeneration is wholly owned by Northern Star Generation LLC (NSG) through its subsidiary NSG Holdings LLC. With the expiration of the power purchase agreement with Tampa Electric Co. (TECO) in 2015, Orange Cogen sells 100% of its electricity under a power purchase agreement (PPA) with Duke Energy Florida (DEF) that expires in 2025. The project also sells steam to offtakers Peace River and Bartow Ethanol above the requirement to maintain qualifying facility (QF) status.
The negative outlook reflects the linkage to the project's bank, Deutsche Bank Trust Co. Americas (BBB+/Negative), because its replacement provision does not fully comply with our financial counterparty criteria. We downgraded our outlook on Deutsche Bank Trust Co. Americas to negative in July 2016.
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