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Operating Performance Assessment Of Owns Caithness Energy, Llc Essay

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Caithness Brookhaven, LLC (“Brookhaven” or the “Borrower”) is a non-recourse, special purpose entity that owns Caithness Energy, LLC (“CEL”). CEL owns and operates a 350 MW combined-cycle duel fueled power generation facility in the Town of Brookhaven, Long Island, NY (the “Facility” or the “Project”). The Borrower is owned by Caithness Energy, LLC.
In 2015, SFS EF AM committed $50.0 million to the Borrower’s $200.0 million seven-year Holding Company Term Loan (the “HoldCo Term Loan”). The HoldCo Term Loan is subordinated to the debt at CEL. The SFS EF AM’s share of the Term Loan balance, at the end of August 2016, was about $48.0 million.
The operating performance assessment for the Trailing Twelve Months ending June 30, 2016 (the “TTM”) is based on the Project’s actual energy generation profile, the plant heat rate, the plant availability factor, and the operating costs incurred comparative to the SFS EF AM forecast.
The actual energy output for the TTM was stronger than the SFS EF AM forecasted energy ouput due to higher dispatch by the off-taker. Actual energy output of 1,914 GWhs was about 9% higher than the SES EF AM forecast of 1,749 GWhs for the same period.
Actual implied heat rate was in line with the heat rate required pursuant to the PPA for the fuel cost reimbursement. The actual implied heat rate for the energy sold under the PPA was 7,095 BTUs/KWh and it was slightly better than the implied heat rate of 7,110 BTU/KWh under the PPA.
The main reason for

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