/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 plant. Show all posts
Showing posts with label plant. Show all posts
Tuesday, January 25, 2011
Tuesday, November 10, 2009
Southern Company Breaks Ground on Biomass Plant
/PRNewswire/ -- Southern Power, the Southern Company subsidiary that acquires, builds, manages and owns wholesale generation assets, today took a major step in building one of the nation's largest biomass-fueled projects with a groundbreaking ceremony in Sacul, Texas.
"Southern Company continues to develop and deploy smarter and cleaner energy technologies, including increased energy efficiency, nuclear power, clean coal and renewables," said David Ratcliffe, Southern Company chairman, president and CEO. "This project represents another step in developing a diverse portfolio to meet the nation's growing energy demands."
"This is an exciting time for Southern Power as we expand our presence in the wholesale market and diversify our fuel mix with a renewable resource," said Southern Power President Ronnie Bates. "Southern Power has a reputation of helping its customers meet their energy needs in cost-effective, reliable and environmentally responsible manner and we're pleased to be a partner with Austin Energy on a project that supports their environmental goals."
Southern Power acquired the 100-megawatt project -- the Nacogdoches Generating Facility -- from American Renewables, LLC on Oct. 9, noting at the time that it would move ahead with construction and bring the plant on line in the summer of 2012. The plant's output is committed to Austin Energy in a 20-year agreement that will help the city of Austin, Texas, meet a 30-percent renewable energy goal.
As a Southern Company subsidiary, Southern Power supports the parent company's commitments to corporate responsibility, which include generating affordable and reliable electricity and reducing environmental impact. Southern Company has invested about $6.3 billion in environmental controls and plans to spend an additional $3.1 billion through 2011 to further reduce emissions of nitrogen oxide, sulfur dioxide and mercury.
The company is committed to finding solutions to environmental issues that make technological, environmental, and economic sense.
The Nacogdoches plant is one of two Southern Company biomass projects. The Georgia Public Service Commission in March approved Georgia Power's application to convert its 96 megawatt Plant Mitchell near Albany, Ga., to biomass. Georgia Power is the Atlanta-based Southern Company subsidiary serving 2.25 million customers in 155 of Georgia's 159 counties.
Southern Company is evaluating the feasibility of converting five additional coal plants to biomass as well.
Construction of the Nacogdoches facility will take about 32 months and will generate about 300 construction jobs. Approximately 40 permanent jobs will be created to operate the plant.
Total cost of the project will be between $475 million and $500 million. The plant, which will be built on 165 acres, will be fueled with biomass materials, including forest residue from the surrounding areas, wood processing residues and clean municipal wood waste. The project will require approximately 1 million tons of fuel annually, which is planned to be procured within a 75-mile radius of the project site.
Southern Power is among the largest wholesale energy providers in the Southeast, meeting the electricity needs of municipalities, electric cooperatives and investor-owned utilities. The company owns and operates more than 7,500 megawatts with facilities in Alabama, Florida, Georgia and North Carolina and has an additional 820 megawatts committed to construction in North Carolina and Texas.
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"Southern Company continues to develop and deploy smarter and cleaner energy technologies, including increased energy efficiency, nuclear power, clean coal and renewables," said David Ratcliffe, Southern Company chairman, president and CEO. "This project represents another step in developing a diverse portfolio to meet the nation's growing energy demands."
"This is an exciting time for Southern Power as we expand our presence in the wholesale market and diversify our fuel mix with a renewable resource," said Southern Power President Ronnie Bates. "Southern Power has a reputation of helping its customers meet their energy needs in cost-effective, reliable and environmentally responsible manner and we're pleased to be a partner with Austin Energy on a project that supports their environmental goals."
Southern Power acquired the 100-megawatt project -- the Nacogdoches Generating Facility -- from American Renewables, LLC on Oct. 9, noting at the time that it would move ahead with construction and bring the plant on line in the summer of 2012. The plant's output is committed to Austin Energy in a 20-year agreement that will help the city of Austin, Texas, meet a 30-percent renewable energy goal.
As a Southern Company subsidiary, Southern Power supports the parent company's commitments to corporate responsibility, which include generating affordable and reliable electricity and reducing environmental impact. Southern Company has invested about $6.3 billion in environmental controls and plans to spend an additional $3.1 billion through 2011 to further reduce emissions of nitrogen oxide, sulfur dioxide and mercury.
The company is committed to finding solutions to environmental issues that make technological, environmental, and economic sense.
The Nacogdoches plant is one of two Southern Company biomass projects. The Georgia Public Service Commission in March approved Georgia Power's application to convert its 96 megawatt Plant Mitchell near Albany, Ga., to biomass. Georgia Power is the Atlanta-based Southern Company subsidiary serving 2.25 million customers in 155 of Georgia's 159 counties.
Southern Company is evaluating the feasibility of converting five additional coal plants to biomass as well.
Construction of the Nacogdoches facility will take about 32 months and will generate about 300 construction jobs. Approximately 40 permanent jobs will be created to operate the plant.
Total cost of the project will be between $475 million and $500 million. The plant, which will be built on 165 acres, will be fueled with biomass materials, including forest residue from the surrounding areas, wood processing residues and clean municipal wood waste. The project will require approximately 1 million tons of fuel annually, which is planned to be procured within a 75-mile radius of the project site.
Southern Power is among the largest wholesale energy providers in the Southeast, meeting the electricity needs of municipalities, electric cooperatives and investor-owned utilities. The company owns and operates more than 7,500 megawatts with facilities in Alabama, Florida, Georgia and North Carolina and has an additional 820 megawatts committed to construction in North Carolina and Texas.
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Wednesday, October 14, 2009
Oglethorpe Power Closes Purchase of Hartwell Electric Generating Plant
/PRNewswire/ -- Oglethorpe Power Corporation has closed on its purchase of the Hartwell electric generating plant from International Power and its partner. The purchase price for the northeast Georgia facility was $148.5 million, which includes approximately $53.5 million of existing project level debt that Oglethorpe Power paid off at closing.
Oglethorpe Power previously purchased the entire output of the approximately 300-megawatt oil and gas-fired plant under a contract set to expire in 2019. A right-of-first refusal clause in that contract gave the corporation first purchase rights to the facility if it was sold. In April of 2009, International Power announced that it, together with its partner, had reached agreement to sell the Hartwell plant to Southern Power Company, subject to a decision by Oglethorpe Power on whether to purchase the plant itself. In July 2009, Oglethorpe Power notified the plant's owner that it would purchase the facility.
"Purchasing and operating the Hartwell facility as part of our own generating portfolio will help ensure that the plant continues to provide needed peaking power to Georgia's EMCs and the citizens of our state," said Elizabeth B. Higgins, Chief Financial Officer of Oglethorpe Power.
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Oglethorpe Power previously purchased the entire output of the approximately 300-megawatt oil and gas-fired plant under a contract set to expire in 2019. A right-of-first refusal clause in that contract gave the corporation first purchase rights to the facility if it was sold. In April of 2009, International Power announced that it, together with its partner, had reached agreement to sell the Hartwell plant to Southern Power Company, subject to a decision by Oglethorpe Power on whether to purchase the plant itself. In July 2009, Oglethorpe Power notified the plant's owner that it would purchase the facility.
"Purchasing and operating the Hartwell facility as part of our own generating portfolio will help ensure that the plant continues to provide needed peaking power to Georgia's EMCs and the citizens of our state," said Elizabeth B. Higgins, Chief Financial Officer of Oglethorpe Power.
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Wednesday, August 26, 2009
Plant Vogtle Receives Early Site Permit
/PRNewswire/ -- The Nuclear Regulatory Commission today issued an Early Site Permit (ESP) for the two new units of the Vogtle Electric Generating Plant in Waynesboro, Ga. Plant Vogtle is owned by Georgia Power, Oglethorpe Power Corporation, the Municipal Electric Authority of Georgia [MEAG Power] and Dalton Utilities.
The ESP is another step in the Nuclear Regulatory Commission's (NRC) new, streamlined licensing process designed to reduce regulatory uncertainty by completing the process in stages. Completion of the ESP process resolves many site-related safety and environmental issues, determines that the site is suitable for construction of a nuclear energy plant and successfully demonstrates the NRC's licensing process. Southern Nuclear filed an application for the ESP in August 2006.
"This is an important step for the Vogtle project, because the demand for electricity in the Southeast, and particularly in Georgia, will continue to grow," said Mike Garrett, president and CEO of Georgia Power. "The new Vogtle units will help meet our growing energy needs by providing safe, reliable and economical electricity with a zero-emission technology. The project represents a $14 billion capital investment in Georgia that will create thousands of construction jobs and 800 permanent jobs once the units are operational."
"Receiving this ESP on behalf of Plant Vogtle co-owners is a significant accomplishment for Southern Nuclear and for the nuclear industry," said Buzz Miller, executive vice president of nuclear development for Georgia Power and Southern Nuclear. "Southern Nuclear's ESP is the first one in the industry based on a specific technology, the Westinghouse AP1000. It is also the first ESP that includes a Limited Work Authorization (LWA) which allows for certain safety-related activities to begin prior to receiving a Combined License (COL) from the NRC."
In addition to the ESP, in March 2008, Southern Nuclear filed an application for a Combined License (COL) at the Vogtle site. The COL provides one license to construct and operate a nuclear power plant. The COL application is under review by the NRC. Pending appropriate approvals, Unit 3 will begin operating in 2016 and Unit 4 will become operational in 2017.
Southern Nuclear, a subsidiary of Southern Company, operates the Edwin I. Hatch Nuclear Plant near Baxley, Ga., the Joseph M. Farley Nuclear Plant near Dothan, Ala. and the Alvin W. Vogtle Electric Generating Plant near Waynesboro, Ga.
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The ESP is another step in the Nuclear Regulatory Commission's (NRC) new, streamlined licensing process designed to reduce regulatory uncertainty by completing the process in stages. Completion of the ESP process resolves many site-related safety and environmental issues, determines that the site is suitable for construction of a nuclear energy plant and successfully demonstrates the NRC's licensing process. Southern Nuclear filed an application for the ESP in August 2006.
"This is an important step for the Vogtle project, because the demand for electricity in the Southeast, and particularly in Georgia, will continue to grow," said Mike Garrett, president and CEO of Georgia Power. "The new Vogtle units will help meet our growing energy needs by providing safe, reliable and economical electricity with a zero-emission technology. The project represents a $14 billion capital investment in Georgia that will create thousands of construction jobs and 800 permanent jobs once the units are operational."
"Receiving this ESP on behalf of Plant Vogtle co-owners is a significant accomplishment for Southern Nuclear and for the nuclear industry," said Buzz Miller, executive vice president of nuclear development for Georgia Power and Southern Nuclear. "Southern Nuclear's ESP is the first one in the industry based on a specific technology, the Westinghouse AP1000. It is also the first ESP that includes a Limited Work Authorization (LWA) which allows for certain safety-related activities to begin prior to receiving a Combined License (COL) from the NRC."
In addition to the ESP, in March 2008, Southern Nuclear filed an application for a Combined License (COL) at the Vogtle site. The COL provides one license to construct and operate a nuclear power plant. The COL application is under review by the NRC. Pending appropriate approvals, Unit 3 will begin operating in 2016 and Unit 4 will become operational in 2017.
Southern Nuclear, a subsidiary of Southern Company, operates the Edwin I. Hatch Nuclear Plant near Baxley, Ga., the Joseph M. Farley Nuclear Plant near Dothan, Ala. and the Alvin W. Vogtle Electric Generating Plant near Waynesboro, Ga.
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Monday, October 13, 2008
East Coast Ethanol, LLC Will Become Biggest Supplier to Southeast U.S.
East Coast Ethanol, LLC is announcing the construction of a new 110-million gallon per year,
$216 million corn-based ethanol production facility near Jesup in Wayne County, Georgia.
The new Georgia ethanol operation is part of an $871 million investment by ECE - one of four plants to be built in the Southeast U.S. that will help solve the growing need for ethanol
fuel and our Nation's energy crisis by providing home-grown renewable fuel. This grassroots U.S. based firm will hire more than 40 employees locally and generate over $100,000,000 annually to the local economy.
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$216 million corn-based ethanol production facility near Jesup in Wayne County, Georgia.
The new Georgia ethanol operation is part of an $871 million investment by ECE - one of four plants to be built in the Southeast U.S. that will help solve the growing need for ethanol
fuel and our Nation's energy crisis by providing home-grown renewable fuel. This grassroots U.S. based firm will hire more than 40 employees locally and generate over $100,000,000 annually to the local economy.
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