Mitsubishi UFJ Financial Group has closed the refinancing of US$500 million in credit facilities for Invenergy Thermal Operating I, whose operations include four natural gas-fired power plants in North America.

The credit facilities include a US$325 million term loan B, a US$25 million term loan C, and a US$150 million revolving loan. MUFG acted as left lead arranger, joint bookrunner, and administrative agent on the transaction, leading the ratings process and syndicating the transaction.

The funds will help Invenergy to better position its portfolio of dispatchable generation assets for decarbonizing markets. The 2.29-gigawatt natural gas-fired power generation portfolio is jointly owned by Invenergy and InfraBridge, and managed by Invenergy.

“MUFG is proud to have partnered with Invenergy, a leading player in the North American power market, on this notable transaction,” says Louise Pesce, managing director, project finance, at MUFG. “Utilizing our deep lender and investor relationships across the power sector, MUFG was able to successfully lead a group of banks and institutional investors in this financing, despite market headwinds.”