Crude Oil ( ) Brent Crude ( ) Natural Gas ( ) S&P 500 ( ) PHLX Oil ( )
 December 23, 2015 - 12:41 PM EST
Print Email Article Font Down Font Up
ArcLight Capital Partners Announces Completion of Eastern Generation's Acquisition of a Power Asset Portfolio from Tenaska

BOSTON, Dec. 23, 2015 /PRNewswire/ -- ArcLight Capital Partners, LLC ("ArcLight"), announced today that Eastern Generation, LLC ("Eastern Generation"), a newly formed portfolio company controlled by ArcLight Energy Partners Fund VI, L.P., completed a transaction with affiliates of Tenaska Capital Management, LLC ("Tenaska"), whereby Eastern Generation acquired a natural gas and dual-fuel fired portfolio consisting of seven power generation plants totaling 4.8 GW.

The Eastern Generation portfolio includes (i) three natural gas and dual-fired generating facilities located within the NYISO Zone J power market (Astoria, a 954 MW facility located in Queens, NY, Gowanus, a 631 MW facility located in Brooklyn, NY, and Narrows, a 322 MW facility also located in Brooklyn, NY) and the US Power Generating Company ("USPG") asset management and operations platform, (ii) New Covert, a 1,100 MW highly efficient combined cycle natural gas-fired power generation facility located near Covert, MI which is expected to be interconnected to PJM through a dedicated transmission line in June 2016 and (iii) three natural gas-fired power generation facilities located in the PJM power market (Rolling Hills, a 850 MW facility located in Wilkesville, OH, Lincoln, a 656 MW facility located in Manhattan, IL, and Crete, a 328 MW facility located in Crete, IL.)

"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," commented Dan Revers, Managing Partner of ArcLight.  "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."

About ArcLight Capital Partners, LLC

ArcLight is one of the leading private equity firms focused on North American and Western European energy assets. Since its establishment in 2001, ArcLight has invested over $13.9 billion across multiple energy cycles in more than 90 investments. Headquartered in Boston, MA with an additional office in Luxembourg, the firm's investment team brings extensive energy expertise, industry relationships, and specialized value creation capabilities to its portfolio. More information about ArcLight, as well as a complete list of ArcLight's portfolio companies, can be found at

To view the original version on PR Newswire, visit:

SOURCE ArcLight Capital Partners, LLC

Source: PR Newswire (December 23, 2015 - 12:41 PM EST)

News by QuoteMedia