Monroe, Ga., January 24, 2011 — ArcLight Capital Partners, GE Energy Financial Services, a unit of GE, and the Government of Singapore Investment Corp. Pte Ltd announced they have agreed to become partners in five Georgia natural gas-fired power plants that make up a fully independent power producer.
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 U.S. 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 MW 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.
* Monroe — a 320-MW plant in Monroe, 50 miles east of Atlanta
* Walton — a 450-MW plant in Monroe, adjacent to the Monroe plant
* Washington — a 602-MW plant in Linton, 50 miles east of Macon
* Sandersville — a 640-MW plant in Sandersville, seven miles from the Washington plant
* Effingham — a 515-MW 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 U.S.
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.
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.