/PRNewswire/ -- ArcLight Capital Partners, LLC ("ArcLight"), GE Energy Financial Services, a unit of GE (NYSE: GE), and the Government of Singapore Investment Corporation Pte Ltd ("GIC") announced today they have agreed to become partners in five Georgia natural gas-fired power plants that together make up the largest fully independent power producer in the southeastern United States. The GE unit and GIC will each acquire 24.95 percent of the portfolio from an affiliate of ArcLight, now its sole owner. An affiliate of ArcLight will retain 50.10 percent.
Financial details of the transaction were not disclosed. The closing of the transaction remains subject to approval by the Federal Energy Regulatory Commission and Committee on Foreign Investment in the United States and is expected to occur toward the end of the first quarter of 2011.
The plants, located throughout Georgia, comprise a combined cycle facility and four single-cycle peaking facilities, each of which is less than 10 years old. Together, they are capable of generating more than 2,500 megawatts of power, in several cases using GE gas-fired turbines. All five facilities, critical to the regional power supply and grid stability, are contracted under long-term agreements to investment-grade counterparties and are managed by Consolidated Asset Management Services, an ArcLight affiliate.
The portfolio comprises:
* Monroe – a 320-megawatt plant in Monroe, 50 miles east of Atlanta
* Walton – a 450-megawatt plant in Monroe, adjacent to the Monroe plant
* Washington – a 602-megawatt plant in Linton, 50 miles east of Macon
* Sandersville – a 640-megawatt plant in Sandersville, seven miles from the Washington plant
* Effingham – a 515-megawatt plant in Rincon, 20 miles north of Savannah
The portfolio is well positioned to benefit from the macroeconomic recovery and more stringent energy and carbon legislation as well as the boom in production of unconventional natural gas in the United States. In addition, the portfolio will support additional infrastructure investment in the region to meet the demand for power and accommodate the power supply reconfiguration expected to unfold over the next decade.
"Since the initial investment in this portfolio in 2007, ArcLight and CAMS have developed a strong track record of operational success and commercial reliability in a promising regional market," said Dan Revers, Managing Partner of ArcLight. "We are excited about the opportunity to partner with these two highly respected and valued-added investors, and we look forward to working closely with GE and GIC to maximize value across the portfolio and platform."
ArcLight has completed several transactions with GE Energy Financial Services, including the GE unit's lead lending of $98 million in senior secured credit facilities for the Sandersville power plant.
"This transaction enables us to deepen our relationship with ArcLight, establish ties with an important new partner, GIC, and work together on an attractive set of assets in a core focus area, thermal power generation," said Kevin Walsh, managing director and leader of Power and Renewables at GE Energy Financial Services.
"This is an attractive portfolio of contracted power generation facilities in a region experiencing an increasing demand for low carbon, efficient power. The completion of this transaction complements our growing portfolio of infrastructure investments in the US. We are delighted to have ArcLight and GE, who have extensive experience in owning and operating similar assets, as our partners in this deal," said Mr. Ang Eng Seng, Global Head of GIC's Infrastructure Group.
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Showing posts with label sandersville. Show all posts
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Tuesday, January 25, 2011
Tuesday, July 13, 2010
ArcLight Acquires 640-MW Georgia Power Plant with $98 Million in Financing Led by GE Energy Financial Services
-(BUSINESS WIRE)--ArcLight Capital Partners, LLC, through its wholly-owned affiliate AL Sandersville Holdings, LLC, has acquired a 640-megawatt generation facility located in Sandersville, Georgia from KGen Power Corporation for $130 million. GE Energy Financial Services, a unit of GE (NYSE: GE), closed financing as the lead lender of the $98 million in senior secured credit facilities partially financing the acquisition.
Built in 2002, using eight 80-megawatt GE simple-cycle gas turbines, the Sandersville plant supplies power into the southeastern power market, particularly Georgia, during periods of peak demand or supply volatility. Sandersville is strategically located near four other facilities in Georgia owned by ArcLight through its affiliate Mackinaw Power, LLC, which have an aggregate capacity of 1,887 megawatts. Combined with Sandersville, this portfolio represents a more than 2,500-megawatt strategic platform making it the second largest independent power producer in the state, with the capacity to meet the peak demand of a city with a population of 450,000.
“This asset is an important addition to our southeast gas power generation facility portfolio that is well positioned to benefit from the current macroeconomic recovery and pending energy and carbon legislation, as well as the unconventional gas boom in the US," said Dan Revers, Managing Partner of ArcLight.
GE Energy Financial Services’ affiliate, GE Capital Markets, Inc., acted as sole lead arranger. Siemens Financial Services, Inc. joined GE Energy Financial Services in providing the $98 million in credit facilities comprised of a $78 million term loan and a $20 million letter of credit. Additional financial details of the transaction were not disclosed.
“This transaction demonstrates GE Energy Financial Services’ deep expertise in power markets across the United States to provide debt financing for customers throughout the energy sector,” said Matt O’Connor, Managing Director, Financial Institutions Group at GE Energy Financial Services. “We applied our energy expertise to assess the southeastern power market which allowed us to structure and lead arrange this financing in a way that helps ArcLight grow and continue meeting power demand in the region.”
With approximately 50 dedicated professionals focused on debt products and services, GE Energy Financial Services provides structured, project and acquisition debt, revolving credit facilities, and corporate loans. The GE unit has a debt portfolio of nearly $7 billion, spanning power, oilfield services, pipelines, gas storage, refining, exploration and production, mining and fuel distribution. GE Capital Markets, Inc. provides arranging and syndication for many of these facilities.
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Built in 2002, using eight 80-megawatt GE simple-cycle gas turbines, the Sandersville plant supplies power into the southeastern power market, particularly Georgia, during periods of peak demand or supply volatility. Sandersville is strategically located near four other facilities in Georgia owned by ArcLight through its affiliate Mackinaw Power, LLC, which have an aggregate capacity of 1,887 megawatts. Combined with Sandersville, this portfolio represents a more than 2,500-megawatt strategic platform making it the second largest independent power producer in the state, with the capacity to meet the peak demand of a city with a population of 450,000.
“This asset is an important addition to our southeast gas power generation facility portfolio that is well positioned to benefit from the current macroeconomic recovery and pending energy and carbon legislation, as well as the unconventional gas boom in the US," said Dan Revers, Managing Partner of ArcLight.
GE Energy Financial Services’ affiliate, GE Capital Markets, Inc., acted as sole lead arranger. Siemens Financial Services, Inc. joined GE Energy Financial Services in providing the $98 million in credit facilities comprised of a $78 million term loan and a $20 million letter of credit. Additional financial details of the transaction were not disclosed.
“This transaction demonstrates GE Energy Financial Services’ deep expertise in power markets across the United States to provide debt financing for customers throughout the energy sector,” said Matt O’Connor, Managing Director, Financial Institutions Group at GE Energy Financial Services. “We applied our energy expertise to assess the southeastern power market which allowed us to structure and lead arrange this financing in a way that helps ArcLight grow and continue meeting power demand in the region.”
With approximately 50 dedicated professionals focused on debt products and services, GE Energy Financial Services provides structured, project and acquisition debt, revolving credit facilities, and corporate loans. The GE unit has a debt portfolio of nearly $7 billion, spanning power, oilfield services, pipelines, gas storage, refining, exploration and production, mining and fuel distribution. GE Capital Markets, Inc. provides arranging and syndication for many of these facilities.
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Friday, April 9, 2010
Georgia Environmental Protection Division Issues Final Permits for Plant Washington
(BUSINESS WIRE)--Power4Georgians LLC today announced the Georgia Environmental Protection Division (EPD) has issued final permits for the operation of Plant Washington, an 850 Megawatt coal-fired energy facility in Washington County, Georgia.
“These permits demonstrate that the process works”
The permits issued by EPD today to Power4Georgians, LLC, include Prevention of Significant Deterioration (PSD) permit for air quality; National Pollutant Discharge Elimination System (NPDES) permit for water discharge; a groundwater withdrawal permit; a surface water withdrawal permit; and a notice of site suitability for the solid waste handling facility.
The permits are the culmination of more than two years of work by Power4Georgians’ development team not only to meet but to exceed Georgia EPD’s rigorous air and water quality standards. Although the air and water standards in Plant Washington’s draft permits, issued by EPD in August 2009, represented standards that are acceptable under the strictest guidelines of the U.S. Environmental Protection Agency, Power4Georgians continued to work to reduce emissions levels further while also developing an unprecedented water management strategy.
“We made significant and positive changes in our application to make our permits among the very best, if not the best, in the country,” said Dean Alford, spokesman for Power4Georgians. “We responded to suggestions raised with regard to air and water and now have exceptional standards that far exceed the strictest federal regulations for protection of human health and the environment.”
Through careful review of more than two-and-a-half years of testing data, as well as an evaluation of the technology and coal types to be used, Power4Georgians was able to devise a strategy that produced significant reductions of the emissions levels contained in the draft permit. As a result, Plant Washington’s overall emissions profile, based upon the final permit, will be among the lowest that has ever been proposed for a coal-fired power plant in the United States.
For example, preliminary evaluations conducted in the fall of 2007 – before the initial permit application was filed with EPD in January 2008 – placed the maximum annual emission of mercury at approximately 120 pounds; that level was reduced to approximately 105 pounds per year in the draft permit. Depending on the blend of fuel used, Georgia EPD’s final permit will limit Plant Washington’s mercury emissions to between 62.2 and 55.6 pounds annually – roughly half the original mercury emissions levels.
In addition, developers were able to devise an unprecedented water management strategy to conserve and reuse water, reduce water withdrawal from the environment and allow zero discharge of stormwater from the plant site.
To accomplish these water management standards, what had been stormwater runoff retention ponds in the draft permit were converted to stormwater collection and storage ponds. Collected stormwater will be reused at the plant, reducing the use of river water and groundwater. In addition, by using the stormwater as makeup water for the plant, there will be zero discharge of process or contact water to either the Ogeechee or Oconee river basins.
“These permits demonstrate that the process works,” Alford said. “In the months since we received the draft permits, we listened closely to Georgia citizens and the EPD and conducted the engineering work to ensure a much more stringent level of operational and environmental standards. I am pleased to report that we achieved every objective.”
A key component to Power4Georgians’ success in obtaining final permits for Plant Washington from the EPD was its development team. These organizations, each with their own unique expertise, included: Allied Energy Services, BLACKACRE, Cookerly Public Relations, Energy Consulting Group, Fluor Corp., King & Spalding law firm and MACTEC Engineering.
When construction begins, the plant is expected to take approximately four years to build and will create up to 1,600 professional construction and skilled trade jobs. When complete, Plant Washington is expected to create between 120 and 130 new jobs onsite, as well as an additional 200 to 300 new secondary jobs in supporting businesses and industries. The plant will generate enough electricity to meet the annual needs of 500,000 to 700,000 Georgia homes.
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“These permits demonstrate that the process works”
The permits issued by EPD today to Power4Georgians, LLC, include Prevention of Significant Deterioration (PSD) permit for air quality; National Pollutant Discharge Elimination System (NPDES) permit for water discharge; a groundwater withdrawal permit; a surface water withdrawal permit; and a notice of site suitability for the solid waste handling facility.
The permits are the culmination of more than two years of work by Power4Georgians’ development team not only to meet but to exceed Georgia EPD’s rigorous air and water quality standards. Although the air and water standards in Plant Washington’s draft permits, issued by EPD in August 2009, represented standards that are acceptable under the strictest guidelines of the U.S. Environmental Protection Agency, Power4Georgians continued to work to reduce emissions levels further while also developing an unprecedented water management strategy.
“We made significant and positive changes in our application to make our permits among the very best, if not the best, in the country,” said Dean Alford, spokesman for Power4Georgians. “We responded to suggestions raised with regard to air and water and now have exceptional standards that far exceed the strictest federal regulations for protection of human health and the environment.”
Through careful review of more than two-and-a-half years of testing data, as well as an evaluation of the technology and coal types to be used, Power4Georgians was able to devise a strategy that produced significant reductions of the emissions levels contained in the draft permit. As a result, Plant Washington’s overall emissions profile, based upon the final permit, will be among the lowest that has ever been proposed for a coal-fired power plant in the United States.
For example, preliminary evaluations conducted in the fall of 2007 – before the initial permit application was filed with EPD in January 2008 – placed the maximum annual emission of mercury at approximately 120 pounds; that level was reduced to approximately 105 pounds per year in the draft permit. Depending on the blend of fuel used, Georgia EPD’s final permit will limit Plant Washington’s mercury emissions to between 62.2 and 55.6 pounds annually – roughly half the original mercury emissions levels.
In addition, developers were able to devise an unprecedented water management strategy to conserve and reuse water, reduce water withdrawal from the environment and allow zero discharge of stormwater from the plant site.
To accomplish these water management standards, what had been stormwater runoff retention ponds in the draft permit were converted to stormwater collection and storage ponds. Collected stormwater will be reused at the plant, reducing the use of river water and groundwater. In addition, by using the stormwater as makeup water for the plant, there will be zero discharge of process or contact water to either the Ogeechee or Oconee river basins.
“These permits demonstrate that the process works,” Alford said. “In the months since we received the draft permits, we listened closely to Georgia citizens and the EPD and conducted the engineering work to ensure a much more stringent level of operational and environmental standards. I am pleased to report that we achieved every objective.”
A key component to Power4Georgians’ success in obtaining final permits for Plant Washington from the EPD was its development team. These organizations, each with their own unique expertise, included: Allied Energy Services, BLACKACRE, Cookerly Public Relations, Energy Consulting Group, Fluor Corp., King & Spalding law firm and MACTEC Engineering.
When construction begins, the plant is expected to take approximately four years to build and will create up to 1,600 professional construction and skilled trade jobs. When complete, Plant Washington is expected to create between 120 and 130 new jobs onsite, as well as an additional 200 to 300 new secondary jobs in supporting businesses and industries. The plant will generate enough electricity to meet the annual needs of 500,000 to 700,000 Georgia homes.
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Wednesday, August 26, 2009
Georgia Environmental Protection Division Issues Draft Permits for Plant Washington
(BUSINESS WIRE)--POWER4Georgians yesterday announced that the Georgia Environmental Protection Division (EPD) has issued draft permits for Plant Washington, a 850 megawatt coal-fired power plant being developed near Sandersville, in Washington County, Georgia.
The EPD issued a variety of draft permitting documents related to the 1,600-acre energy facility, including what are considered to be the four primary permits for the plant: the surface water withdrawal permit, the groundwater withdrawal permit, the water discharge permit, and the air permit. POWER4Georgians, a consortium of Georgia electric membership corporations (EMCs), filed the Plant Washington permit applications with the Georgia EPD in January 2008.
“This is an important step in the development of this power plant, which is critical to making sure that affordable and reliable power continues to be available to the citizens of Georgia,” said Dean Alford, spokesperson for POWER4Georgians. “While we recognize there is a lot of work remaining to be done, the draft permits are a very positive indication that Plant Washington is moving forward.”
“Given the economic challenges our state is facing, the jobs created during the construction of this plant will provide a tremendous benefit to Washington County and the surrounding region,” said Alford. “These jobs are part of a more than $2 billion investment in providing affordable energy, which is critical to a productive, competitive state economy. Once operational, Plant Washington could help attract new industry and jobs to Georgia and even help retain existing businesses and jobs because of availability of dependable and affordable electricity.”
Plant Washington will be one of the cleanest coal-fired power plants in the country, generating enough electricity to meet the annual needs of 500,000 to 700,000 Georgia homes.
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The EPD issued a variety of draft permitting documents related to the 1,600-acre energy facility, including what are considered to be the four primary permits for the plant: the surface water withdrawal permit, the groundwater withdrawal permit, the water discharge permit, and the air permit. POWER4Georgians, a consortium of Georgia electric membership corporations (EMCs), filed the Plant Washington permit applications with the Georgia EPD in January 2008.
“This is an important step in the development of this power plant, which is critical to making sure that affordable and reliable power continues to be available to the citizens of Georgia,” said Dean Alford, spokesperson for POWER4Georgians. “While we recognize there is a lot of work remaining to be done, the draft permits are a very positive indication that Plant Washington is moving forward.”
“Given the economic challenges our state is facing, the jobs created during the construction of this plant will provide a tremendous benefit to Washington County and the surrounding region,” said Alford. “These jobs are part of a more than $2 billion investment in providing affordable energy, which is critical to a productive, competitive state economy. Once operational, Plant Washington could help attract new industry and jobs to Georgia and even help retain existing businesses and jobs because of availability of dependable and affordable electricity.”
Plant Washington will be one of the cleanest coal-fired power plants in the country, generating enough electricity to meet the annual needs of 500,000 to 700,000 Georgia homes.
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Friday, December 5, 2008
Plant Washington to Offer Reliable and Affordable Electricity to Citizens of Georgia
(BUSINESS WIRE)--Power4Georgians, a consortium of 10 Georgia EMCs that have partnered to develop a comprehensive strategy to meet demand for affordable and reliable energy in Georgia, today emphasized its position that coal is an essential cornerstone to fulfilling that strategy.
“While we are proponents of viable alternative energy projects such as wind, solar, biomass, etc., none of those options can come close to fulfilling large scale needs in the near future,” said Dean Alford, spokesman for Power4Georgians.
Some opponents of coal have spread misinformation indicating that to build and operate Plant Washington in a safe and environmentally responsible manner is not economically viable. There are many flaws in their argument; specifically they claim that the prices for materials used in construction are escalating rapidly, which is not true. Steel for instance has declined from its July price of $1,000 per ton to about $500 per ton today. Perhaps most significant are opponent claims that the cost of coal continues to rise when the reality is, coal has declined approximately 40% since July.
“It is ludicrous to believe that we would move forward with Plant Washington if we weren’t certain that it was economically viable,” said Dean Alford, spokesman for Power4Georgians. “I can assure you, nobody is more cognizant of cost than the co-ops involved in this project.”
To be built and operated near Sandersville in Washington County, Georgia, the plant will provide an enormous economic boost for the region and indeed the entire state. Capital investment is expected to be approximately $2.1 billion. For comparison sake, the much publicized Kia manufacturing plant in west-central Georgia represents an investment of $1.2 billion.
Plant Washington will create more than 1,400 jobs during the construction phase of the project and approximately 130 full time jobs when the plant is placed into operation. In addition, 300 support jobs in ancillary businesses will be created in the region when the plant opens.
“This is a perfect example of a project that will provide great benefit to the people of Georgia at a time when it is needed most,” Alford said.
With Georgia’s rapidly growing population - and even with Plant Washington contributing 850 Megawatts to the state’s power grid - consumption of electricity will outstrip supply within the next decade unless new generation facilities are built and placed into operation.
“Power4Georgians believes in an ‘all in’ strategy which means we fully support solar, wind, biomass, nuclear and coal generation facilities. Georgia needs every bit of electricity that can be generated if we are to assure that when the switch is flipped, the lights come on now and for years to come,” Alford concluded.
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“While we are proponents of viable alternative energy projects such as wind, solar, biomass, etc., none of those options can come close to fulfilling large scale needs in the near future,” said Dean Alford, spokesman for Power4Georgians.
Some opponents of coal have spread misinformation indicating that to build and operate Plant Washington in a safe and environmentally responsible manner is not economically viable. There are many flaws in their argument; specifically they claim that the prices for materials used in construction are escalating rapidly, which is not true. Steel for instance has declined from its July price of $1,000 per ton to about $500 per ton today. Perhaps most significant are opponent claims that the cost of coal continues to rise when the reality is, coal has declined approximately 40% since July.
“It is ludicrous to believe that we would move forward with Plant Washington if we weren’t certain that it was economically viable,” said Dean Alford, spokesman for Power4Georgians. “I can assure you, nobody is more cognizant of cost than the co-ops involved in this project.”
To be built and operated near Sandersville in Washington County, Georgia, the plant will provide an enormous economic boost for the region and indeed the entire state. Capital investment is expected to be approximately $2.1 billion. For comparison sake, the much publicized Kia manufacturing plant in west-central Georgia represents an investment of $1.2 billion.
Plant Washington will create more than 1,400 jobs during the construction phase of the project and approximately 130 full time jobs when the plant is placed into operation. In addition, 300 support jobs in ancillary businesses will be created in the region when the plant opens.
“This is a perfect example of a project that will provide great benefit to the people of Georgia at a time when it is needed most,” Alford said.
With Georgia’s rapidly growing population - and even with Plant Washington contributing 850 Megawatts to the state’s power grid - consumption of electricity will outstrip supply within the next decade unless new generation facilities are built and placed into operation.
“Power4Georgians believes in an ‘all in’ strategy which means we fully support solar, wind, biomass, nuclear and coal generation facilities. Georgia needs every bit of electricity that can be generated if we are to assure that when the switch is flipped, the lights come on now and for years to come,” Alford concluded.
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