Brighton Beach Power Completes Power Project Financing

Brighton Beach Power L.P., a limited partnership formed by Calgary-based ATCO Power Ltd. and Ontario Power Generation Inc. (OPG), completed a $403 million private bond and term debt financing for its 580 megawatt, combined-cycle power project under construction at Brighton Beach near Windsor, Ontario. The deal closed on September 12, 2002.

The power project’s financing was arranged by BMO Nesbitt Burns Inc., and included BMO Financial Group, Bank of Tokyo-Mitsubishi Ltd., Teachers Insurance and Annuity Association of America, Great-West Life Insurance Company and AIG Global Investment Group, Inc.

Brighton Beach was represented by Bennett Jones LLP, with a team including Lorne Carson (project finance) and Denise Bright (project finance/securities) in Calgary and Paul Blundy, Lindsey Hutton and Stephen Moore (project finance), Scott Martyn (real estate) and Martine Band (regulatory) in Toronto. OPG was represented by in-house counsel Dan Dagan.

The lenders were represented by Fraser Milner Casgrain LLP, with a team consisting of Joe Palin (project finance/financial services) and Marc Adler (financial services) in Calgary and Michael Wunder and Charles Newman (financial services), Jerry Farrell (regulatory) and Jillian Shortt (real estate) in Toronto.