Arroyo Energy Investors is pleased to announce the closing of a recapitalization financing of the Brandywine Power Facility (“Brandywine”). Arroyo Energy Investors plans to distribute the proceeds of the financing as a recapitalization dividend to its investors. The recapitalization financing follows the execution by Arroyo Energy Investors of the restructuring of Brandywine’s existing off-take arrangements.
Brandywine is a 230 MW dual-fuel, combined-cycle generation facility located 25 miles from Washington, D.C. in Brandywine, Maryland. Brandywine sells 98% of its capacity and energy to an investment grade off-taker.