west power orig update gross margin to date :
pastoria $ 41 mm
psco ( fountain valley ) : $ 5 mm ( $ 12 mm more will be recognized q 3 ) .
turbine swap : $ 3 . 7 mm ( $ 2 . 1 mm to jacoby )
dwr : $ 7 mm
other : $ 1 mm
$ 57 . 7 mm
hotlist summary :
psco , q 3 $ 12 mm
dwr , q 2 $ 10 mm
various commodity : $ 10 mm
las vegas , q 3 $ 20 mm
blue dog sale , q 3 $ 3 . 5 mm
saguaro sale , q 3 $ 5 mm
longview , q 4 $ 15 mm
$ 75 . 5 mm
total forecast : $ 133 . 2 mm
deal update :
las vegas : completed final review of allegheny toll , waived management out . approved and executed bridge loan . gave notice to proceed to epc contractor . received preliminary , non - binding bids from northland power ( np ) and black hills ( bh ) for implied promote of $ 20 mm and $ 30 mm , respectively . updating data room and will start parallel process : negotiate with np / bh and start broader auction process . told np / bh that the race is on - the earlier they sign binding agreement , the less competition they have - expect june 30 with closing august 31 .
saguaro : csfb is selling mission ' s 50 % interest in saguaro . we have agreed to piggyback on the investment bank ' s process in order to sell our 15 % interest . binding bids are due june 8 - expect q 3 close .
palo alto : got 25 mw flat np - 15 term sale done - orig only $ 100 k , but desk , credit and customer happy .
dwr : waiting on pro - forma financials and new agreement between dwr and puc that better secures credit . bonds just got approved - 90 day wait . negotiating eei for short term deals as well . dwr bid has $ 80 mm over mid , but i appear to be only one that thinks we should do a term deal with dwr . i will stay on top of this - these guys are the new big player in the market .
roseville : rac has recommended approval and we are circulating for signature . payment of $ 6 mm to georgia pacific for erc ' s due next week . balance of $ 43 mm to be spent over next 18 months . calpine and allegheny want to buy in - its a little early , but we might explore that in q 4 or ql 02 .
roseville prepay : someone else ( calpine or duke ) was more aggressive on the np - 15 term commodity offer so we are out - our best offer was mids + $ 5 ; someone else offfered at our mids . we are trying to see if we can partrner with the winner since our bid for cash may be higher .
reliant : potential sale of a 4 . 5 year 100 mw peak mid - c daily call option : fixed monthly capacity payment with strike equal to sumas x 10 . 5 . we are close on this and might close monday .
chris
west power orig update
gross margin to date :
pastoria $ 41 mm
psco ( fountain valley ) : $ 5 mm ( $ 12 mm more will be recognized q 3 ) .
turbine swap : $ 3 . 7 mm ( $ 2 . 1 mm to jacoby )
dwr : $ 7 mm
other : $ 1 mm
$ 57 . 7 mm
hotlist summary :
psco , q 3 $ 12 mm
dwr , q 2 $ 10 mm
various commodity : $ 10 mm
las vegas , q 3 $ 20 mm
blue dog sale , q 3 $ 3 . 5 mm
saguaro sale , q 3 $ 5 mm
longview , q 4 $ 15 mm
$ 75 . 5 mm
total forecast : $ 133 . 2 mm
deal update :
las vegas : completed final review of allegheny toll , waived management out . approved and executed bridge loan . gave notice to proceed to epc contractor . received preliminary , non - binding bids from northland power ( np ) and black hills ( bh ) for implied promote of $ 20 mm and $ 30 mm , respectively . updating data room and will start parallel process : negotiate with np / bh and start broader auction process . told np / bh that the race is on - the earlier they sign binding agreement , the less competition they have - expect june 30 with closing august 31 .
saguaro : csfb is selling mission ' s 50 % interest in saguaro . we have agreed to piggyback on the investment bank ' s process in order to sell our 15 % interest . binding bids are due june 8 - expect q 3 close .
palo alto : got 25 mw flat np - 15 term sale done - orig only $ 100 k , but desk , credit and customer happy .
dwr : waiting on pro - forma financials and new agreement between dwr and puc that better secures credit . bonds just got approved - 90 day wait . negotiating eei for short term deals as well . dwr bid has $ 80 mm over mid , but i appear to be only one that thinks we should do a term deal with dwr . i will stay on top of this - these guys are the new big player in the market .
roseville : rac has recommended approval and we are circulating for signature . payment of $ 6 mm to georgia pacific for erc ' s due next week . balance of $ 43 mm to be spent over next 18 months . calpine and allegheny want to buy in - its a little early , but we might explore that in q 4 or ql 02 .
roseville prepay : someone else ( calpine or duke ) was more aggressive on the np - 15 term commodity offer so we are out - our best offer was mids + $ 5 ; someone else offfered at our mids . we are trying to see if we can partrner with the winner since our bid for cash may be higher .
reliant : potential sale of a 4 . 5 year 100 mw peak mid - c daily call option : fixed monthly capacity payment with strike equal to sumas x 10 . 5 . we are close on this and might close monday .
chris