Invenergy Thermal Operating I LLC (ITOI) owns a 2.029-GW (net capacity) portfolio of six operating gas-fired electric power plants, each in a different North American Electric Reliability Corp. region. The portfolio consists of: Hardee--a contracted 370-MW combined-cycle gas turbine (CCGT) in Florida, 51%-owned by ITOI; Spindle Hill--a contracted 314-MW combustion turbine (CT) in Colorado, 51%-owned by ITOI; Cannon Falls--a contracted 357-MW CT in Minnesota, 51%-owned by ITOI; St Clair--a contracted 584-MW CCGT in Ontario, Canada, 100%-owned by ITOI; Nelson--a mostly merchant 584-MW CCGT in Illinois, 100%-owned by ITOI; and Ector County--a merchant 330-MW CT in Texas that will benefit from a heat rate call option from 2018 through 2022, 100%-owned by ITOI. Our ratings on ITOI's $340 million ($312 million
