LS Power agrees to acquire 3,500 MW of power generation facilities in the U.S.
Related M&A Transactions
U.S. power and energy infrastructure owner, LS Power Equity Advisors, LLC, announced on 21 April 2014, that it signed an agreement to acquire approximately 3,500 MW of generation resources in the Southeastern United States, through its affiliate NATGEN Southeast Power from Calpine Corporation.
This US$1.57 billion operation is still subject to working capital and other adjustments. The transaction is expected to close in the second quarter of 2014, pending receipt of necessary regulatory approvals and third-party consents.
The portfolio consists of six combined-cycle generation facilities which use natural gas as the primary fuel source. The Calpine facilities being acquired include the following:
- Carville Energy Center, St. Gabriel, LA
- Hog Bayou Energy Center, Mobile, AL
- Columbia Energy Center, Calhoun County, SC
- Oneta Energy Center, Coweta, OK
- Decatur Energy Center, Decatur, AL
- Santa Rosa Energy Center, Pace, FL
Paul Segal, chief executive officer of LS Power, stated:
We are pleased to assume ownership of this portfolio of power plants. The quality of the assets, the outstanding operational track record of the facilities and the skilled plant personnel were all important factors in our decision. We are committed to making this a smooth transition for the dedicated professionals operating these facilities and their communities. These projects have been reliably serving wholesale power customers in the Southeast for a number of years and we look forward to continuing to provide value for our growing base of customers.
LS Power, founded in 1990, is an employee-owned, independent power company with offices in New York, New Jersey, Missouri and California. LS Power is a developer, owner, operator and investor in power generation and electric transmission infrastructure throughout the United States.
LS Power Equity Advisors recently closed its third energy fund, LS Power Equity Partners III, L.P., which was oversubscribed and attracted commitments of US$2.075 billion.