NEW YORK (Standard&Poor's) Aug. 26, 2003--Standard&Poor's Ratings Services said today that Calpine Corp.'s (B/Negative/--) recently completed $230 million nonrecourse project financing for its 600 MW Riverside Energy Center is in line with expectations and will provide some needed liquidity to Calpine. A group of banks, including Credit Lyonnais, Co-Bank, Bayerische Landesbank, HypoVereinsbank, and NordLB, will finance construction of the plants. Once the Riverside Energy Center commences commercial operation, the banks will provide a three-year term-loan facility initially priced at Libor plus 275 basis points. The natural gas-fueled electric generating facility is currently under construction in Beloit, Wisc. Upon expected completion of the project in June 2004, Calpine will sell 450 MW of electricity to Wisconsin Power
