A joint venture between Dynegy and Energy Capital Partners (ECP) has bought Engie’s 8.7GW thermal power assets in the US for US$3.3bn, US$378/kW. The acquisiton will be funded via a US$1.85bn non recourse loan from Dynegy’s relationship banks, a US$400m junior bridge loan from ECP priced at 11% and US$1.185bn in equity. The joint venture, Atlas Power, will refinance the debt. Dynegy will hold 65% of Atlas Power and ECP, 35%. The merchant portfolio is made up of 8GW of gas fired plant and 700MW of coal