Competitive Power Ventures, GE Energy Financial Services And Osaka Gas USA Complete The Debt Financing For The CPV Fairview Energy Center

Financing Oversubscribed By 1.5x

Silver Spring, MD — March 27, 2017 — Competitive Power Ventures (CPV), GE (NYSE: GE) unit, GE Energy Financial Services and Osaka Gas USA (OGUSA) announced today they have closed the $700 million senior debt financing for the CPV Fairview Energy Center to be constructed in Jackson Township, Pennsylvania. Located 60 miles east of Pittsburgh, the CPV Fairview Energy Center is a 1,050 MW natural gas and ethane-fueled two-by-one combined-cycle electric generating station expected to begin commercial operations in early 2020.

The $700 million three-tranche debt financing received broad-based support from a diverse group of 16 international lenders. The initial Coordinating Lead Arrangers in the variable rate tranche include Crédit Agricole Corporate and Investment Bank, MUFG, BNP Paribas, CIT Bank, N.A., National Australia Bank Limited, and Industrial and Commercial Bank of China Limited, New York Branch, with Commonwealth Bank of Australia and DNB Markets, Inc., joining the Coordinating Lead Arranger rank as well. The Coordinating Lead Arranger for the funding sourced from Korea is Industrial Bank of Korea. The credit facilities will provide for construction, term, letters of credit, and working capital financing needs of the project.

Paul Buckovich, CPV’s Chief Financial Officer, noted, “In the face of a choppy finance market for new generation projects in the PJM interconnect, the overwhelming market reception of the CPV Fairview Energy Center resulted in a 1.5x oversubscribed financing. The oversubscription is a testament to a myriad of factors, including the disciplined development of the project and its unique locational benefits, its sound commercial arrangements, its conservative credit profile, and the backing by a trio of strong sponsors with deep relationships in the financing communities.”

The project will sell its capacity, energy and ancillary services into the PJM market, powering up to more than 1 million homes. CPV Fairview is also facilitating the cleanup of a long-standing brownfield site within Jackson Township, which will be the site for the new CPV Fairview Energy Center. For this and the much-needed economic opportunities it provides, the project enjoys strong local support from residents of the town, the greater Johnstown region and Cambria County.

“I am pleased to welcome CPV to the district,” said PA state Sen. Wayne Langerholc, Jr (R-35). “This facility will ignite job growth for real family-sustaining jobs. I am looking forward to partnering with CPV and other similar companies to provide much needed economic growth to the area.”

“One of my top priorities as state representative for the 72nd Legislative District, which includes Jackson Township, has been revitalizing our economy that took a big hit with the loss of coal mining and manufacturing jobs starting in the 1980s,” said PA state Rep. Frank Burns. “This project takes advantage of abundant natural gas to create local, cleaner electricity; puts 30 acres to productive industrial use; and creates hundreds of good-paying construction jobs as well as two dozen permanent ones. That’s a winning trifecta for our area.”

“Jackson Township fully supports the CPV Fairview Energy Center and recognizes the critical economic benefits it brings to our community,” said Bruce Baker, Chairman of The Board of Supervisors of Jackson Township. “This project will create 300-500 new jobs, many of which will be sourced locally. Once this facility is operational, it will require 20-25 new, well-paid positions which will earn a total of $3-4 million in annual salaries and benefits. We’re grateful to CPV for not just building a state-of-the-art generation facility, but also becoming an integral part of our community.”

CPV Fairview Energy Center will utilize two General Electric 7HA.02 natural gas turbines and a GE steam turbine. GE’s HA gas turbines are the world’s largest and most efficient at more than 62 percent combined cycle efficiency, and lead the industry in total life-cycle value. HA technology provides cleaner, reliable and cost-effective conversion of fuel to electricity.

Tim Howell, Managing Director of Power & Development, GE Energy Financial Services, added, “CPV Fairview represents a thoughtfully developed and well-executed project that will deploy GE’s latest gas turbine technology in the competitive U.S. PJM market. CPV is a valued, long-term GE customer and partner, and Osaka Gas brings deep energy industry expertise to the PJM region.”

“We are proud to partner with CPV and GE Energy Financial Services as a sponsor for the CPV Fairview Energy Center. The project will be a valuable generating resource for the PJM market and will provide ongoing benefits to the local community for many years. The CPV Fairview project is another step forward for Osaka Gas as we expand our partnership with CPV and our generation footprint in the US power markets,” said Hisaichi Yoneyama, President, OGUSA. “Together with CPV, we are helping to shape the future of energy in North America.”

“CPV is excited to bring this state-of-the-art electric generating project which will utilize regionally abundant natural gas to provide clean, efficient, reliable and economic electric power to the PJM market,” said Gary Lambert, CPV’s President and CEO. “We are grateful to our partners, lenders, the various Pennsylvania permitting agencies and host community that all helped make this impressive project a reality.”

About Competitive Power Ventures
Competitive Power Ventures (CPV) is dedicated to increasing America’s energy sustainability by providing safe, reliable, cost effective and environmentally responsible power generation. Together with our investors, partners, host communities and other key stakeholders we are driven to improve North America’s energy infrastructure by building new power generation and optimizing existing facilities using cutting edge, domestically available power technologies. Headquartered in Silver Spring, MD, with offices in Braintree, MA, and San Francisco, CA, the company has successfully developed or monetized 20 projects totaling 11.9 GW of natural gas-fired and renewable generation assets. The company’s Asset Management division currently manages 4,847 MW of fossil and renewable generating facilities in eight states for eight different owner groups. For more information: www.cpv.com. Follow CPV on Twitter: @CPVEnergy.

About GE Energy Financial Services
A strategic GE Capital business, GE Energy Financial Services is a global energy investor that provides financial solutions that help meet the world’s energy needs. Drawing on its technical know-how, financial strength and strong risk management, GE Energy Financial Services invests in long-lived and capital intensive projects and companies. The firm has 35+ years of experience managing energy assets through multiple economic cycles, and a global portfolio that spans conventional and renewable power, and oil and gas infrastructure projects.

GE Energy Financial Services is part of the GE Store and is able to provide unique customer value by leveraging GE’s industrial energy heritage and strong technology footprint to offer access to capital and expertise. It is headquartered in Stamford, CT with regional hubs in London, Houston, Hong Kong and Nairobi More information: www.geenergyfinancialservices.com; Twitter: @GEEnergyFinServ

About Osaka Gas USA
Osaka Gas USA Corporation (OGUSA) is a wholly owned subsidiary of Osaka Gas Co., Ltd (“Osaka Gas”) formed to develop, construct, acquire and manage energy businesses throughout North America. Established in 1897, Osaka Gas has over 100 years of experience in the energy sector and has grown into a diversified energy company, well-positioned across the entire natural gas value chain. Osaka Gas is a major natural gas and energy service provider serving 7.0 million customers in central Japan. The Company accounts for approximately 25% of the entire natural gas market in Japan. Osaka Gas is actively pursuing investment opportunities consistent with its long-term “Field of Dreams 2020” business plan. As a part of the vision, Osaka Gas plans to deploy $4.4 billion by 2020 in energy assets internationally. For more information: www.osakagasusa.com.