ArcLight Capital Partners has announced that Eastern Generation, a newly formed portfolio company controlled by ArcLight Energy Partners Fund VI, completed a transaction with affiliates of Tenaska Capital Management, whereby Eastern Generation has acquired a natural gas and dual-fuel fired portfolio consisting of seven power generation plants totaling 4.8 GW.
The Eastern Generation portfolio includes:
Dan Revers, Managing Partner of ArcLight, commented:
"The portfolio acquired by Eastern Generation represents an attractive opportunity for ArcLight to benefit from favorable dynamics driven in part by the retirement and displacement of coal-fired and nuclear assets in the PJM market as well as an opportunity to re-enter New York City's Zone J power market. We are pleased to work with the strong management team at USPG, led by CEO Mark Sudbey, to optimize the entire Eastern Generation portfolio and Consolidated Asset Management Services providing operational expertise to the non-New York power generation facilities."