EFS Cogen Holdings I LLP is a special-purpose, bankruptcy-remote entity that owns two gas-fired, combined-cycle cogeneration facilities at the site of the Phillips 66 Bayway Refinery in Linden, N.J. The assets are the 777 megawatt (MW) Linden 1-5 facility, completed in May 1992, and the 165 MW Linden 6 facility, completed in January 2002. Linden 1-5 sells power to Consolidated Edison Company of New York and steam to Phillips 66, while Linden 6 provides power for the Phillips 66 Bayway Refinery. The latter provides less than 10% of the project's total cash flow. Through 2017, the project benefits from a lucrative power purchase agreement (PPA) with Consolidated Edison; a cash flow sweep during this period will help trim refinancing risk
