Ares Capital Corporation (NASDAQ:ARCC) announced the closing of the first investment by the newly formed project finance team of its investment adviser, Ares Capital Management LLC. Ares Capital acted as the lead second lien debt investor by committing $59 million in a $110 million second lien term loan in support of the refinancing of La Paloma Generating Company, a four-unit, 1,022 MW natural gas-fired power facility located in Kern County, CA. La Paloma is owned by EIG Global Energy Partners and Rockland Capital, among other investors. Rockland Capital is also the asset manager of the project.

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