Calpine has filed at the Public Utility Commission of Texas for approval of a transaction under which its subsidiary Pasadena Cogeneration, L.P. would acquire 50% of the interests in the Pasadena facility, which is a 750-megawatt (MW) dispatchable, combined cycle natural gas-fired generating facility, consisting, in part, of Phase 1 (250 MWs), Phase 2 (510 MWs), and related equipment, located in Harris County, Texas

The facility is currently leased to and operated by Calpine.

Currently, one hundred percent (100%) of the Facility is owned by Pasadena Statutory Trust ("Trust"), a Connecticut statutory trust, and in turn the Trust interests are owned 50% by PMCC Pasadena Investment L.P. ("Seller") and 50% by MetLife Capital Credit, L.P. ("MetLife").

After closing, Pasadena Cogeneration will own a 50% undivided interest in the facility's assets directly, and the Trust will continue to own the remaining 50% interest, with MetLife as the sole holder of the Trust Interest, and with such 50% undivided interest in the Facility still leased to Calpine