Calpine completes project financing for 300-MW Blue Spruce Energy Center


SAN JOSE, Calif., Aug. 26, 2002 — Calpine Corp. recently announced it has completed a $106-million non-recourse project financing for the construction of its 300-megawatt Blue Spruce Energy Center.

Calpine will sell the full output of the natural gas-fired peaking facility to Public Service Co. of Colorado (Public Service) under the terms of a ten-year tolling agreement.


A group of banks led by Credit Lyonnaise provided project financing for the $150-million peaking facility, under a six-year, non-recourse construction and term-loan facility.

“Credit Lyonnaise’s financial commitment to Calpine further demonstrates that modern energy centers, like the Blue Spruce Energy Center, will continue to be the workhorses of the power industry,” stated Bob Kelly, Calpine CFO. “This competitively priced financing will help ensure Calpine delivers clean, reliable and low-cost electricity to help meet Public Service’s peak demand.”

The project, currently under construction, is located in an industrial area east of Denver in Aurora, and will interconnect with Public Service’s existing transmission lines, with access to nearby natural gas pipelines serving the region.

Calpine expects to begin energy deliveries in May 2003 to help Public Service meet its peak summer load and to ensure system reliability. Under the ten-year tolling agreement, Public Service will have dispatch rights for all of the capacity and energy produced by the facility and also will manage the purchase and delivery of fuel used at the facility. Output from the facility will be added directly to Public Service’s grid when power is needed the most.

Based in San Jose, Calif., Calpine Corporation is an independent power company that is dedicated to providing customers with clean, efficient, natural gas-fired power generation. It generates and markets power through plants it develops, owns and operates in 23 states in the United States, three provinces in Canada and in the United Kingdom.

Calpine also is the world’s largest producer of renewable geothermal energy, and it owns 1.2 trillion cubic feet equivalent of proved natural gas reserves in Canada and the United States. The company was founded in 1984 and is publicly traded on the New York Stock Exchange under the symbol CPN. For more information about Calpine, visit its website at www.calpine.com.

Source: Calpine Corporation


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